Tezos Remains Negative after the Breaks Below Crucial Price Level of $2.00

  • Tezos was unable to regain its positive momentum besides the overall market conditions turning green on Wednesday’s trading session
  • The XTZ/BTC pair is performing significantly negative facing an overall loss of -4.72% bringing the current level to 0.00013326 BTC 
Source: coinmarketcap

The weekly price performance chart of Tezos highlights the negative breakout of the price levels below the crucial mark of $2.00. The negative trend below the crucial level has certainly put the altcoin into vulnerable positions. However, the price levels currently look to have a support level of $1.80 and showing a tendency to sustain above it. The CMP is placed at $1.84 facing an overall loss of -2.86% resulting in market capitalization to decline by -1.73% and the 24-hour volume traded to decline by -9.44. The negative performance of the XTZ/BTC pair is also providing bearish signals for the coin. 

Technical Levels Started to Show Signs of Recovery for XTZ 

Source: tradingview

The technical chart of XTZ highlights the significant recovery action made by the price levels in the past month which rallied till the critical resistance area of $2.50. After reaching the area, the price levels dropped abruptly and facing negative momentum to date. Initially, during the downtrend, the price levels tried to maintain sustainability above the 1.00fib level but the bears strike on the price levels with more impact and forced the levels to drop below the 1.272fib level at the start of this month. Currently, the price levels are having a support line on the positive aspect which is placed at 1.618fib level and tends to provide a positive bounce back considering historical data. The support line provided a positive bounce back to the price levels in the past downtrend and is expected to do the same this time also as the overall market conditions are trying to prevail the current positive sentiment for the month. 

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The relative strength index (RSI) successfully avoided two negative dips to the oversold region and currently stands at 35.19.

The directional movement index is recovering its levels as ADX (31.15) looking at the potential to have a positive crossover with -DI (33.47). 

Can Tezos Reclaim $2.00 Anytime Soon? 

The current price levels of XTZ have already arrived at their critical support area due to the downtrend. The support area consists of the potential to provide a positive bounce back from here. If not able to break above the crucial mark, but we expect the levels to at least retest $2.00. 

Resistance level: $1.99

Support level: $1.80 & $1.70 

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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.

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