Bearish spree continues as XTZ slips below $3.40 support

TL;DR Breakdown

• Tezos price analysis shows a downtrend
• Resistance for XTZ prices is seen at $3.39
• Major support for Tezos prices is present at $3.1

Recent Tezos price analysis reveals the prevailing downtrend for XTZ prices as the cryptocurrency bleeds below the $3.4 support level. Texas price fell below the $3.4 support level yesterday after a brief consolidation phase of around $3.5. The coin is currently changing hands at $3.14 and is down by over 6.65 percent in the last 24 hours. Tezos market capitalization has also dipped below $2.7 billion as the coin continues to face selling pressure.

Tezos prices are likely to dip further downwards after facing rejection at the $3.39 resistance level. The cryptocurrency market has been facing a lot of turbulence lately as most major coins are bleeding value. Bitcoin, Ethereum, and XRP have all seen their prices dip by over 5 percent in the last 24 hours. Tezos is no exception to this trend as XTZ prices continue to slide downhill. The Parabolic SAR indicator is placed below the candlesticks, indicating a bearish market for XTZ.

Tezos price analysis on a 1-day price chart: Bears strengthen their grip on Tezos as prices dip below $3.40

Tezos price analysis on a 1-day price chart reveals the continued downtrend seen in Tezos prices over the last 24 hours. XTZ prices have been on a steady decline since the beginning of the month and have shed a larger percent of their price recently. Tezos opened the month at a high of $4.61 and has been on a downhill journey ever since. The coin is currently trading below its 20-day moving average, indicating bearish market conditions for XTZ.

The Relative Strength Index indicator is placed at 36.29, which reveals no oversold or overbought conditions for XTZ. The MACD indicator shows a bearish crossover as the signal line moves above the candlesticks on the chart.

The TD Sequential Indicator has given a sell signal in the form of a green nine candlestick on the 1-day chart.

Tezos price analysis on a 4-hour price chart: Four-hour bearish reversal pattern completes targets $3.1 support

A look at XTZ’s 4-hour price chart reveals a bearish reversal pattern that has completed and is now targeting the $3.1 support level. The bearish pattern is in the form of a descending triangle, and the break below the $3.4 support level has confirmed its completion. Tezos is currently trading very close to the $3.1 support level, and a further dip below this level could result in XTZ prices plunging towards the $2.8 mark.

The MACD indicator on the 4-hour chart shows a bearish crossover as the signal line moves above the candlesticks. The RSI indicator is placed at 33.48, which indicates oversold conditions for Tezos. The Bollinger bands are showing neutral market conditions as the bands have started to contract.

Tezos price analysis conclusion

Tezos price analysis reveals that the coin is in a downtrend and is currently trading very close to the $3.1 support level. A further dip below this level could result in Tezos prices tumbling towards the $2.8 mark. The RSI indicator is placed in oversold territory, which could result in a short-term price rebound. Bulls are needed to come in and push prices back above the $3.4 resistance level to invalidate the bearish reversal pattern on the 4-hour chart.

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