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•XTZ/USD is currently priced at $1.91 and has increased by 0.28% over the past day
•The trading volumes have decreased by 18.08% over the past day
•The technical indicators project a bearish outlook for the near term
Short Term View: Tezos bulls at pains to explain the bearish shift in momentum
The Tezos price today is $1.91 USD with a 24-hour trading volume of $42,470,440 USD. XTZ is up 0.28% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.02475 for the altcoin.
The Tezos price analysis shows that the bulls are unable to climb past the resistance level placed at the crucial psychological mark of $2 as trade volumes have dwindled amidst an undecided market. An influx of buyers is needed for XTZ to stage a rally and climb towards the resistance level placed further away at $2.50. The altcoin is currently transacting in a downtrend with the Tezos price transacting below the 20,50 SMA on the four hour chart. Hence it becomes imperative for the bulls to hold onto the immediate support level placed at $1.80 to prevent the bears from gaining a foothold on the market.
Long Term View for Tezos
The technical indicators for XTZ suggest the momentum is currently swayed towards the bears as the RSI line has moved below the 14 day SMA line on the daily chart, with the indicator placed precariously at 44.58. On the other hand, the green histograms have reduced in size in the daily MACD chart as a result of the weakening sentiment. To further complicate matters for the bulls, the MACD and signal lines are transacting in the negative zone as well.
Conclusion
Currently, the Tezos Coin is showing choppy price action with the bulls lacking in momentum to initiate a rally amidst an undecided market. The next couple of days will provide us with an insight into the future course of the coin.
Support: $1.80-$1.50
Resistance: $2-$2.50
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
