Will Tezos Price Levels Suffer Negative Breakout Below $2.00 Amid Significant Bearish Trend in Overall Market Conditions?

  • Tezos price levels faced heavy damage as the overall market conditions turned significantly bearish on Wednesday’s market session 
  • The XTZ/BTC pair also faced major negative momentum with a loss of -1.90% bringing the current level to 0.00011689 BTC 
Source: Coingecko

On the weekly chart, Tezos started to face negative reversals from the major resistance level of $2.80, which brought up a minor consolidation phase from the starting of the month. However, the major support level of $2.00 was able to prevent significant price damage for the altcoin. Meanwhile, the overall market conditions turned significantly bearish from the past couple of days resulting in an impactful downtrend. The CMP is placed at $2.13 with an overall loss of -5.8% over the day, bringing the market capitalization to $1,603,757,831 and the 24-hour volume traded to $127,758,087. The negative performance of the XTZ/BTC pair might weaken the strength of the strong support of $2.00. 

Technical Levels Arrived at Critical Lower Levels as XTZ Faces Downtrend

Source: Tradingview
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The technical chart of XTZ highlights the sharp positive divergence made by the price levels during the past month, which is followed by significant price corrections. XTZ started the current month by holding bullish levels; however, failed to sustain it on a longer time frame. The current downtrend is close to providing 100% negative retracement to the levels following its previous month’s high. 

The moving average convergence & divergence (MACD) gave a bearish crossover indicating that the crypto asset might receive further price damage. 

The relative strength index (RSI) nearly avoided a negative dip towards the oversold region and looking to recover current levels while standing at 38.30

The directional movement index (RSI) is also attempting to improve levels as ADX (26.27) is the potential to have a positive crossover against -DI (29.80) 

Will XTZ Price Levels Face Negative Crossover Below $2 in Upcoming Trading Sessions?

The major support level of $2.00 has to hold tezos price levels quite well during past negative moves and doing the same in the current scenario. The technical levels of the digital asset are also reviving their respective levels with the overall market conditions looking to bounce back. Therefore, a negative crossover below the support level is not expected currently. 

Resistance level: $2.80 & $3.00

Support level: $2.10 & $2.00 

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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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