Tezos price analysis indicates that the coin is now in a bearish market trend. XTZ/USD is presently trading at $1.72 and has strong resistance at $2.5. The Tezos coin’s next support level is $2, where it may fall to $1.5 if the price breaches this level in the near term. Tezos short-term and long-term outlooks are negative.
Today XTZ/USD pair began the daily chart on a positive trend. It traded in head and shoulder trends to the intraday highs found at $1.9 before facing resistance from the might bears and sellers. The coin pullback to the lows of $1.742, where it found support, and buyers stepped in to push for upward momentum. The market is currently trading in a descending channel formation as XTZ/USD awaits a breakout catalyst.
Tezos price movement in the last 24 hours: Indicators are bearish on XTZ/USD
XTZ/USD pair is trading below the 9-day and 21-day moving averages, which indicates that the market sentiment is bearish. Also, the RSI indicator is around level 40, which shows that the market has room to move lower.
The Balance of power index is on the negative side, which indicates that the bears are in control of the market.
The Tezos price analysis shows that the coin is currently in a bearish trend as XTZ/USD is trading below the $3 resistance level. The coin’s next support level is found at $1.45, where it may fall to $1.4 if the price breaches this level in the near term. However, if the price sustains above the $1.72 support level, it may rise to retest the $3 resistance level.
XTZ/USD 4-hour chart: XTZ/USD trading in a descending channel
On the 4-hour chart, the Tezos price is trading in a descending channel formation, waiting for a breakout catalyst. The market is presently priced a little under the middle line of the Bollinger Bands. The RSI indicator is at level 45, which indicates that the market has room to move lower.
The MACD indicator is on the verge of a bearish crossover as the signal line is about to cross below the histogram, which indicates that XTZ/USD might correct lower in the near term.
The RSI indicator is close to the overbought levels, indicating that the price might lower in the near term. KINSKI Multi Trend Oscillator is on the negative side, which indicates that the market is in a bearish trend.
Tezos price analysis: Conclusion
In conclusion of Tezos price analysis, XTZ/USD is bearish today, and the negative trend is expected to continue in the near term as the coin tests the $1.85 support level. However, if the price sustains above the $1.92 support level, it may rise to retest the $3 resistance level.
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