Tezos price analysis reveals that the digital asset is currently in a bearish extension after a week of sideways trading. The coin is down by 4.69 percent in the last 24 hours. At press time, XTZ is trading at $1.76 after opening the day at $1.81. The bulls had attempted to push prices higher but failed as the market found support at $1.78 and the resistance levels are at $1.92.
The bears are currently in control of the market, and further decline is expected. Support for XTL prices is seen at $1.75, and the bulls will have to push prices higher to reclaim the $1.78 support level. On the other hand, if bulls can push prices above $1.92, the $2 psychological level will be in play.
Tezos price analysis shows XTZ prices have been declining in the last few days since the market hit an intraday high of $2.02 on April 17. The market has been facing rejection at the $1.92 level since then and has found support at $1.75, as prices continue to fluctuate between these two levels. The bears are currently in control of the market, and a further decline is expected.
The cryptocurrency has a market trading volume which is at $51,872,004, with a market capitalization of $1,598,156,437. The digital asset is ranked in 20th position in the market.
XTZ/USD 1-day price chart: Bears in control as Tezos prices fail to breakout
The 1-day Tezos price analysis shows that the XTZ/USD has been on a downtrend last 24-hours. The next few hours of trading are crucial for the market as the market is expected to make a move out of the recent consolidation. The market is expected to break out to the upside or downside in the near term. The market has seen some respite over the few days as prices found support at $1.75 and resistance at $1.92. However, the bulls have failed to capitalize on this and push prices higher.
The RSI indicator is currently at the 42.62 level, which indicates that the market is in a bearish zone. The MACD indicator is also in the bearish zone as the signal line is above the histogram. The hourly 200-MA has crossed below the hourly 50-MA, which is another bearish sign for the market.
Tezos price analysis on a 4-hours price chart: XTZ prices face rejection at the $1.92
The 4-hour Tezos price analysis shows that the market has been stuck in sideways range-bound trading for over a week now. The market has found support at $1.75 and is currently facing resistance at $1.92. The market is expected to make a move out of this consolidation in the near term.
The 50-days and 200-days moving averages are currently in a bearish crossover as the 50-days MA is below the 200-days MA. This is a bearish sign for the market. The RSI indicator is currently at the 46.44 level, which indicates that the market is in a bearish zone. The MACD line is residing below the signal line, which is an indication of a bearish trend in the market.
Tezos price analysis conclusion
Tezos price analysis shows that the market is currently in a bearish trend as the market has been facing rejection at the $1.92 level. Tezos price analysis shows that the market has been caught in a sideways consolidation for over a week now. The market is expected to break out to the upside or downside in the near term. Support for prices is seen at $1.75 and resistance is seen at $1.92.Traders should wait for a breakout and retracement to enter into new positions.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-22-05-16/