Tezos price analysis shows a bearish trend as the coin indicates has been consolidating below the $2. level over the past few days as the overall cryptocurrency market remains in a bearish state. Tezos price analysis shows that support for XTZ prices is present at around the $1.48 level, but there is significant resistance around the $1.56.
Tezos prices have been trading around $1.62 to $1.56 over the past few days. The market cap for the Tezos Foundation is currently around $1,357,102,496, and the 24-hour trading volume is around $27,709,350.
Tezos price analysis on a 1-day price chart: Bears are adamant as XTZ prices remain below $1.89
On the 1-day chart, Tezos prices analysis shows a downtrend for the last 24 as XTZ prices fell from highs of $1.56 to lows of $1.48. Tezos prices have been consolidating below the $2 level over the past few days as bearish momentum continues to dominate the market. The bulls tried to push prices higher yesterday, but they were unable to break above the $1.56 level, which is a bearish sign.
The 20-day moving average is currently around the $1.48 level, and the 50-day moving average is around the $1.60 level. The RSI indicator is currently at 42.68, which indicates that the market is in neutral territory. However, the MACD indicator is currently in the bearish territory as the signal line is above the histogram.
Tezos price analysis on a 4-hour chart: XTZ/USD prices are facing resistance around $1.56
On the 4-hour chart, Tezos prices analysis shows a downtrend for the last 4 hours as the market is in a bearish trend as the market has formed a descending channel pattern. Tezos prices are currently trading at the lower end of the descending channel and are facing resistance around $1.56. If prices can break above this level, it would be a bullish sign as it would invalidate the descending channel pattern.
The XTZ/USD is currently trading below the Moving average indicator which is a bearish sign. The MACD indicator is currently in the bearish territory as the line blue is moving above the signal line. which indicates that the bearish momentum is currently present in the market. The RSI indicator on a 4-hour price chart is currently at 46.16 and below the 50 level, which indicates that the market is currently in neutral territory.
Tezos price conclusion
Tezos price analysis shows a bearish, and a further decline is expected in the market. The bulls had attempted to push prices higher but failed as the market found support at the $1.48 level. Prices are currently facing resistance at the $1.56 level, and if prices can break above this level, it would be a bullish sign for the market. However, if prices fail to break out of the descending channel pattern, it would be a bearish sign as prices could fall back to the $1.48 level.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-09-01/