Tezos price analysis shows a bearish trend as the coin indicates has been consolidating below the $1 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 $1.42 level, but there is significant resistance around the $1.49.
Tezos prices have been trading around $1.23 to $1.49 over the past few days and it is currently trading at 1.47 at the time of writing. Tezos prices are currently facing resistance at around $1.49, and if prices can break above this level, it would be a bullish sign. However, if prices fail to break above $1.49, it is likely that prices will continue to fall towards the $1.42 support level. The market cap for the Tezos Foundation is currently around $1,330,445,949, and the 24-hour trading volume is around $27,760,750.
Tezos price analysis on a 1-day price chart: Bears are adamant as XTZ prices remain below $1.47
On the 1-day chart, Tezos prices analysis shows a downtrend for the last 24 as XTZ prices fell from highs of $1.49 to lows of $1.47. The bulls had pushed prices higher yesterday, but the bears quickly took control and brought prices back below the $1.47 level.
The moving average (MA) value for the one-day XTZ/USD price chart is currently around the $1.48 level, and this is acting as a significant resistance level for prices. The MA values are currently in bearish alignment as the 20-day MA is below the 50-day MA. This indicates that the overall market trend is bearish. The volatility is increasing again as the Bollinger bands are expanding for the past 24-hours. The Relative Strength Index (RSI) is currently at 47.31, and this indicates that prices are bullish as the market for XTZ is not oversold.
Tezos price analysis on a 4-hour chart: XTZ/USD pair in a bearish trend
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 the resistance of around $1.49. If prices can break above this level, it would be a bullish sign as it would invalidate the descending channel pattern.
The Upper Bollinger bands are currently at $1.51, and the Lower Bollinger bands are currently at $1.45. This indicates that the market is in a state of high volatility as prices fluctuate between these levels. The RSI is currently at 38.14, which indicates that prices are oversold, and this could be a bullish sign as prices may rebound from these levels. The MA indicator is also in the bearish territory as the 20-day MA is at $1.47 and the 50-day MA is at $1.46, indicating that the market trend is bearish.
Tezos price analysis 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 $1.42. The investors are currently waiting on the sidelines as market sentiment remains bearish as buyers are not yet convinced that prices have bottomed out.
Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-08-29/