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- 1 The price of Tezos (XTZ) is trading near the value of $0.813. However, the crypto’s price inclined by 0.25% in the last 24 hours (press time).
- 2 XTZ price decreased by -1.21% in the last 7 days.
- 3 The market capitalization of Tezos is $771.427 Million.
XTZ crypto is struggling to break out of a descending pattern with two obstacles, a trendline and the 200-day EMA. The crypto’s next move will hinge on whether it can surpass or drop below the pattern.
The outlook is unclear at the moment. However, the price increased by 11.35% last week, showing that Tezos performed well recently. Tezos lost -90.34% of its value in 2 years after making its all-time high of $9.12.Tezo’s trading volume for the last 24 hours is 73.851K, and last 10 days, the average volume is 497.695K.
The current market sentiment is indecisive. There is no notable volume in crypto right now. The resistance line has rejected the price and is finding support on the 50-moving average.
XTZ Price Technical Analysis
Tezos price has been trapped between 50 and 200 SMAs with a bearish crossover that indicates the dominance of sellers in the market. If sellers keep pushing the market down, XTZ price could face more decline and enter a downtrend.
The RSI line is heading toward the oversold zone. The RSI value is 46.45. The 14 SMA value is 54.16. However, XTZ price could drop sharply if it breaks the current support.
Currently, MACD is bearish. The MACD value is 0.003, and the signal value is 0.009, both above the zero line, but the signal line crosses below the MACD line and points downward.
Conclusion
The analysis indicates that bears and bulls are in a close fight. Tezos faces a downward pattern with two barriers: a trendline and the 200-day EMA. The price action implies that the investors must wait for a proper setup for the next move. XTZ crypto price is in neutral territory right now. Moreover, indicators such as the EMA, RSI, and MACD are bullish on Tezos crypto. The current situation calls for traders and investors to be patient and wait for a clear break below or above the range before making any moves in the future.
Technical Levels:
- Support – The current support level is $0.825.
- Resistance –The current resistance level is $0.933.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decision.
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.
