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•XTZ/USD is currently priced at $2.56 and has increased by 3.84% over the past day
•The trading volumes have decreased by 12.80% over the past day
•The technical indicators suggest the altcoin entering a period of consolidation in the near term
Short Term View: Bears still found lurking as Tezos price action shows strength
The Tezos price today is $2.56 USD with a 24-hour trading volume of $106,312,834 USD. XTZ is up 3.84% in the last 24 hours. The trading volumes have decreased over the past day as the altcoin struggles to attract buyers at the current price levels. The Volume to Market Cap Ratio stands at 0.04649 for the altcoin.
A long tail on the top part of a candle has been observed on the chart which suggests that the market made a significant rise then quickly retreated because sellers overwhelmed the buyers. This is a bearish signal. The coin price could retest breakdown level to confirm the selling pressure, which would plunge the altcoin to its current lower low support. The key support level in the XTZ market is at $2.45, and a break below this could signal further declines. However, if the bulls are able to defend this level and push prices above $3, we could see a reversal in trend and a move back towards $3.45. Tezos is currently transacting below the 20,50 SMA on the four hour chart as it struggles to attract buyers at the current price levels.
Long Term View for XTZ
The RSI for Tezos is currently transacting at 38.65. The RSI value has found a sudden surge in underlying bullishness as it has reversed from the oversold boundary reflecting a bullish revolt that has surpassed the 14-day average. The MACD indicator shows the possibility of a bullish crossover that could occur on the daily chart if the bulls keep up the pressure. The decreasing strength of the red histograms is indicative of the loosening grip of the bears.
Conclusion
XTZ coin price faces extreme selling pressure that is evident by the increase in trading volume as the altcoin faces rejection from the trendline. Thus, the chances of a bearish breakout resulting in a fall to $2.5 increases.
Support: $2.5-$2.11
Resistance: $3-$3.45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
