The latest Tezos price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bears were in the winning position, a downtrend has been following the price since the start of this week.
The general feeling in the market is still bearish as Tezos drops to $1.41, currently trading around $1.42. The XTZ/USD is down by 2.63 percent at the time of writing, and the market cap is at $1.29 billion. The 24-hour trading volume is recorded as $20 million.
Tezos price analysis 1-day price chart: Bears in control as prices dip below
The 1-day Tezos price analysis shows bears are trending for the third day consecutively, and a formation of red candlesticks can be seen on the 1-day chart. The bearish trend has again damaged the cryptocurrency’s value to a good extent as it plummets from the intraday high of $1.47. The cryptocurrency was trading at a decent level of around $1.45 but lost almost all of its value in three days as it fell to the lows of $1.41, currently down by over 8 percent.
The RSI indicator is currently at 44.08, and it indicates that the market is in a bearish territory as the RSI indicator is below the 50-level. The moving average value in the 1-day chart is currently at the $1.42 level. The Bollinger bands indicators also hold vital importance in informing us about the current market trends. Its upper band shows the value at $1.47 while its lower band shows $1.41, representing the resistance and support, respectively.
XTZ/USD 4-hour price analysis: Latest developments
The 4-hour Tezos price analysis confirms the downtrend as the price has been trading below $1.42 for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $1.47, which is a sign of weakness.
The Bollinger bands values in the 4-hour price chart are as follows; the upper Bollinger band is at $1.46, whereas the lower Bollinger band is at $1.43, respectively. The relative strength index is currently at 54.59, and it does not show any extremities, which suggests that there are no oversold or overbought conditions in the market. The moving average value in the 4-hour chart is currently at the $1.44 level, just above the current price.
Tezos price analysis conclusion
The Tezos price analysis suggests that XTZ performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 24 hours. However, if the support present at $1.41 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then XTZ may step down into the $1.38.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-10-05/