Tezos Price Analysis: XTZ Price Looking To Test The Support Of $3.00

Tezos Bears are ready for a run down
  • XTZ price is currently trading in the consolidation phase after making 52 week high of $5.58 on Feb 14 ,2021
  • Tezos Price is currently trailing at the value of $4.29 with a loss of 2.87% in 24 hour time period and 13.96% gain in a week
  • The XTZ/BTC pair is currently trading at the value of 0.00007787 BTC  with an intraday loss of -4.00%
Source:Trading view

The technical chart of XTZ highlights “Bulls Are On Rest” in today’s trading session. The current price of the Tezos coin is at the level of $4.58, while the major support is at $3.9 and the major resistance is at $5. The coin has formed a corrective Elliott wave pattern. The Elliot pattern suggests that the price can see a further downtrend up to the level of $2.80. The price can also see a bounce back if there is a surge in buying volume

Tezos coin price is trading above 50 and 100 Exponential Moving Average. The red line of 50-EMA is currently at the level of $3.71 and making it temporary support for the price.

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Tezos coin volume has seen a loss of 25.54% and is currently at the level of $480,489,133.The market capitalization is at the value of $3,269,885,086, with a loss of 2.65%.

XTZ Price Seeing A Roar From Sellers

Source:Trading view

Tezos current price has seen a loss of 2.81% in today’s trading session. The current scenario of the XTZ coin depicts a consolidated rally. The coin forms a bearish pattern on today’s trading session, suggesting that the sellers are getting active in the coin. On coming to the shorter time frame of 4hrs,XTZ price is currently trailing in the supply zone. If the coin crosses below the zone, it will not be easy to recover positively. XTZ/BTC pair is trailing negatively with a loss of 5.48%

RSI(Bearish): It is traveling at the value of 55.38, showcasing its presence in the oversold zone. A flat slope is formed in RSI, highlighting that the price may see an uncertain movement in upcoming days.

CONCLUSION

Tezos coin has seen a loss of 2.87% in today’s trading session and made a 52 week high on Feb,14 2021. XTZ/BTC is performing negatively and is below the resistance of 50-EMA. An Investor should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$5

Major Support:$3

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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