Tezos Price Prediction: $1.0 Acts Volatility Zone, How to Overcome Sideways Territory?

• Tezos price (XTZ) price is trading above a rising bullish candle.
• The daily price chart of XTZ is moving towards the 20-day exponential moving average.
• The trading volume fell by almost 40% to $11 million in the last 24 hours.

The Tezos (XTZ) crypto price fell dramatically in the past few days. This decline began in early November when the FTX crypto exchange filed bankruptcy. The buyers are struggling in this downtrend while the bears follow the selling on the rise technique. The price of the XTZ coin has declined from its two-year high.

Tezos on 4 Hour Chart

Tezos (XTZ) went into a sideways mode after making a yearly low on 22nd November at $0.912. Hence, the buyers are battling with the lower volatility over the past several days. Thus trading volume tends to decline, near annual lows not good for buyers. Furthermore, the trading volume fell by almost 40% in the last 24 hours to $11 million.

In the hourly chart, Tezos price is seen below the box pattern (above the chart). On the other hand, buyers managed positive vibes as valuations remained on an ascending trendline. If the price breaks below the support trend line, there is a possibility of 8.5%. Meanwhile, the XTZ token is trading at the mark of $0.997 at the time of writing.

The $1.0 level has been acting as a red zone of volatility for the past several days. Similarly, the buyers had an important support area near the $0.90 mark.

Tezos on Daily Price Chart 

Buyers saw a sharp decline after a 20 day exponential moving average breakdown in November. Now bulls again attempt to flip the ongoing trend as they propel asset towards the 20 day exponential moving average (green). RSI is favoring price recovery as its peak is about to reach semi-line.

Conclusion  

The Average Directional Index (ADX) is standing high in spite of Tezos coin (XTZ) staying in a tight horizontal range. Bullish momentum wants huge trading volume to overcome selling pressure. 

Support level – $0.90

Resistance level – $1.50 and $2.0

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.