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- 1 Tezos crypto languished at the weekly low after the recent price drop.
- 2 The XTZ crypto price currently trades at $0.942, post a 0.3% intraday drop.
The Tezos price attempts to recover the fall and break its losing streak started on Sunday, resuming the previous week’s fall. The XTZ crypto registered a 16% drop in the last one week and dropped below the 50-Day EMA on a daily chart.
As observed on a 4-hour chart, the price has dropped below the 20, 50, and 200-Day EMAs, highlighting the domination of bears in the short term. Moreover, the price has reached the recent support level and is currently trying to gather buying volume to hold near it.
Earlier, the XTZ crypto price reversed after it failed to surpass the $1 mark last week. The bulls tried to hold above $1 after closing above it. However, it could not sustain above it for long and fell sharply.
Tezos Crypto Price Technical Analysis
Moreover, the broader term outlook for XTZ crypto lies on the positive side. The price has dropped sharply in the recent sessions but still hovers above the 200-Day EMA suggesting a long-term optimistic outlook.
The price has suffered sharp selloff in the past week due to which it has dropped near the previous breakout zone. The long term outlook is positive which may attract more buying volume at the lower demand zones. On the lower side, the $0.9 and $0.8 levels may act as a demand zone.
Now, if the XTZ crypto receives enough buying volumes at the recent support zones, the price may again turn around in the favor of buyers and challenge upper supply levels.
However, if sellers continue to dominate and drag the price below the 200-Day EMA, it may indicate a trend reversal and the price may drop sharply to the lower support levels.
The technical indicators show that the XTZ crypto has smashed below the 20-Day and 50-Day EMAs and is headed to test the 200-Day EMA. At present, the RSI was at 44.06 points and SMA line was at 53.41 points, suggesting a neutral outlook.
Tezos Price Prediction January 2024
As per the most optimistic view of our analysts, the XTZ price could reach a high of $1.072 by January end. The less optimistic view of the analysts hopes for a breakdown below the recent support of $0.93, after which the price may drop to a low of $0.88 and 0.82.
Tezos Price Prediction 2024
The analysts have a wide range of price targets for 2024. The most optimistic view of analysts assumes the XTZ crypto could attain a high of $1.41, suggesting a potential gain of over 50.33%. The lower price target for the crypto as per the analysts is $1.188.
Tezos Price Prediction 2025
On the most bullish observation, Tezos crypto could hit the high mark of $1.811 in 2025. On the flip side, the most pessimistic prediction of our analysts is the $1.382 mark.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
