Tezos price analysis is bearish as the cryptocurrency has experienced a fluctuating movement in the past few days. Despite the bulls’ persistent attempts to rally the market, their efforts have proven futile as the value of the coin has decreased from $0.982 on May 7th, 2023 to a ceiling of $0.923. The market is presently dominated by bears, who are expected to continue to exert their influence, leading to an anticipated decline in price. This demonstrates a bearish trend in the market, and currently, XTZ is priced at $0.899, facing resistance at the $0.900 level.
As of today, Tezos (XTZ) is priced at $ 0.904938 with a 24-hour trading volume of $ 66.21M, a market capitalization of $ 847.64M, and a market dominance of 0.07%. Over the past 24 hours, the price of XTZ has experienced a decline of -7.82%.
The current sentiment for Tezos price prediction is bearish, while the Fear & Greed Index shows a value of 60, signifying greed. The circulating supply for Tezos is presently at 936.69M XTZ out of a maximum supply of 937.87M XTZ, with a yearly supply inflation rate of 4.79%, producing 42.86M XTZ in the last year. Tezos is currently ranked #12 in the Proof-of-Stake Coins sector, ranked #1 in the Tezos Network sector, and ranked #28 in the Layer 1 sector based on its market capitalization.
XTZ/USD 24-hour price analysis
According to Tezos price analysis, market volatility is currently decreasing, resulting in a reduced likelihood of significant fluctuations in XTZ/USD prices. The highest XTZ price recorded is $0.936, while the open price is $0.934. On the other hand, the lowest price point for Tezos is currently at $0.897, indicating a change of -2.41. The closing price for XTZ is recorded at $0.913.
It can be observed that the XTZ/USD price is currently dipping below the Moving Average curve, which suggests a bearish trend in the market. Additionally, the price trajectory of XTZ/USD is currently trending downwards, indicating a declining market. There is a likelihood of further bearish movements in the market as the price seeks to breach the support level.
Tezos’ Relative Strength Index (RSI) currently sits at a score of 31, indicating that the cryptocurrency is in the undervalued region, falling below the devaluation threshold. The RSI score is currently showing a downward trend, which suggests that the selling activity in the market is surpassing the buying activity, causing the RSI score to decline significantly. Given that the devaluation threshold has been breached, a reversal movement for Tezos is likely to occur.
Tezos price analysis for 7-day
Tezos price analysis over a 24-hour period indicates a decreasing trend in market volatility, indicating that the price of XTZ is now more susceptible to experiencing changes as the level of volatility fluctuates. The opening price for XTZ stands at $0.938, while the highest price point is recorded at $0.948. On the other hand, the lowest price point for XTZ is currently at $0.897, indicating a change rate of -2.74%. The closing price for XTZ is recorded at $0.911.
The current movement of the XTZ/USD price appears to be crossing below the Moving Average curve, indicating a bearish trend in the market. The bearish trend has been sustained over the last few days. Furthermore, the XTZ/USD price trajectory appears to have broken the support level, which suggests that a further downward trend is likely to follow. This trend indicates a potential for a complete market reversal in the near future.
Tezos price analysis reveals that the Relative Strength Index (RSI) score is presently at 38, indicating an extremely low value that falls within the undervalued region. The RSI path is currently following a downward trend, which could signify that the value of XTZ may experience further inconsistency while moving toward a lower point. This downward trend in the RSI score is mainly due to selling activity dominating buying activity in the market.
Tezos Price Analysis Conclusion
Based on careful observations from the Tezos price analysis, it can be deduced that the price level of XTZ is still under the influence of bearish dominance. However, there is a possibility of a reversal trend as the bulls have been recovering in the past few days. Despite the current bearish trend, there is speculation among market analysts that XTZ may soon experience a price surge as the bulls prepare to counter the bears.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2023-05-08/