Long Stay In Critical Low Levels Results In Consolidation For XTZ

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The bullish momentum build by tezos during the end of September has completely vanished. 
  • Currently, the digital asset is looking for means of survival above the crucial mark of $2.00
  • The destruction of bears has been gradually increased during Monday’s market session. 

Tezos is gradually becoming the top loser for the day in the crypto market. It is currently facing an overall loss of -1.52% bringing the price to the critical level of $2.10. It must sustain above $2.00 for having any hope for a recovery action from here. Otherwise, we might see the altcoin to travel down to the major support level of $1.70 once again. The current market capitalization stands at $1,567,651,632 with the 24-hour volume traded of $100,211,554. 

Source: Coinmarketcap

The weekly chart reflects on the significant downtrend faced by the altcoin which is later followed by little frequency in the changes in price levels at regular intervals. The frequency change is indicating that the crypto asset has been trying to hold off the $2.00 in the current market session. Overall, we can say that the attempt of crossing above the resistance level of $2.50 didn’t go well for XTZ. 

Tezos (XTZ) Technical Analysis 

Source: tradingview

The technical chart highlights the on-going consolidation phase for the altcoin in a critical bearish area. For making a comeback in the market, the price levels must cross above 0.236 fib level. However, currently, the price movement is showing no motive in doing so and might face more downtrend. 

RSI levels are also showing negative nature. The current levels have dropped down to 43.89. Any further downfall below 40 will provide more momentum to the bears. 

MACD levels have also flattened after a bullish crossover removing any chance for a recovery action. 

Resistance level: $2.50

Support level: $2.10 and $1.70 

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