Tezos on the Verge of Breaking Below $2.00 Facing Significant Downtrend

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.
  • Tezos price levels are facing some serious damage provided by bears. 
  • The altcoin is on the line to break below $2.00 which can be a bearish signal for upcoming days. 
  • The XTZ/BTC pair is also facing a significant downtrend with an overall loss of -3.80% bringing the current levels to 0.00019057. 

Tezos has been one of the prime victims of the overall bearish sentiment in the crypto market over the past couple of days. The altcoin is currently facing an overall loss of -3.86% bringing the CMP to $2.02. The market capitalization stands at $1,507,249,710 and the 24-hour volume traded is at $123,930,263. 

Source: Coinmarketcap

The weekly price chart of XTZ clearly highlights the ongoing negative momentum which has gradually increased from the starting of this month. The price levels were sustained at the level of $2.30 for quite some time to hold the levels. However, the bears came back stronger for them having an upper hand due to overall bearish sentiment in the market and major price correction activity. A downfall below $2.00 will surely indicate a bearish signal for upcoming days. Also, looking at the past historical price movements of the crypto asset, the price range between $1.50 to $2.00 has provided a strong consolidation phase. Therefore, the levels must hold above $2.00.  

Technical Levels Aren’t Developing Sustainability Over the Price Levels For XTZ

Source: Tradingview

On the technical chart, the ongoing consolidation levels have taken a downturn which can be noticed on the price candles. The efforts of the bulls also look very weak for tezos as it did not properly test the fib level of 0.236 once in this month. 

RSI levels are showcasing negative nature with the current level of 37.98. Any further downfall below 30 will provide more damage to the price levels.

CCI built a sharp positive move to the overbought region which somehow emerged as the ray of hope but didn’t last long. In fact, now the levels are moving negatively in the oversold region standing at -188.44. 

MACD levels have flattened after a bearish crossover which completely justifies the downtrend. 

Where Can Tezos be Headed? 

The current price level is trading below the 7-day MA of 21105.50 which clearly gives a bearish signal. Looking at the magnitude of the downtrend and overall market conditions, XTZ might fail to sustain the level of $2.00. A retest of the major support level of $1.70 looks a possible outcome as of now. 

RESISTANCE LEVEL: $2.30 & $2.50

SUPPORT LEVEL: $2.00 & $1.70 

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