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- XTZ price is currently in bearish momentum with a loss of 5.33%. Meanwhile, the XTZ/BTC pair is at 0.00007391 BTC with a loss of 4.61%
- The S2F number for XTZ is negligible in comparison with the other altcoins. In Contrast, the technical indicator suggests a downtrend.
Tezos has seen a gain of more than 99% from the start of this year. XTZ price forecast a loss of more than 20% in upcoming days. Tezos is a blockchain-powered platform with a governance token mechanism. It was launched in 2015 and has seen an ROI of 747% since its inception.
XTZ is currently ranked 36th with a market capitalization of $3,045,371,951.The volume( $$3,045,371,951) of the coin has seen a gain of 16.07%. The volume to market capitalization ratio for the coin is 0.224. If it crosses above 0.8, then a huge buying rush can be seen.
Technical Indicators Hints A Bearish Move For XTZ Price Forecast
The weekly technical chart of Tezos showcases bearish momentum. The daily chart of XTZ Price forecasts a bearish sentiment. Tezos price is trading below 50 and above 100 Moving average. The 50MA(RED) line is at $4.07, making it temporary resistance for the coin. Resistance for the coin on the upside is at $4.5 while coming on to the downside, the bounce-back can be seen from $3.5. A bearish engulfing pattern is formed on to the shorter time frame of 4 hr chart. If the price breaks 10% above $4.3, then there is a good chance that the price will see momentum up to $5.XTZ/BTC pair can also see a loss of 10% in the upcoming months.
RSI(Bearish): It is trailing at 42, showcasing its presence in the neutral zone. There is a negative slope formation in the RSI, highlighting that the price can see a strong downtrend. The overall sentiment of RSI is bearish.
Conclusion
XTZ price forecast a great future while disrupting the current market. Tezos has seen various ups and downs but it is currently on a bull trend. The XTZ/BTC pair can also see a great return in the future. An investor should do their due diligence before investing
Technical Levels
Major Resistance:$4.5
Major Support: $3.5
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
