Tezos price analysis is bearish as the cryptocurrency has experienced a fluctuating movement in the past few days. Bulls are trying to engulf the market as all their efforts are in vain, and the coin value fell from $1.425 on October 8, 2022, and capped at $1.416; bears continue to rule the market today; however, a price decline is imminent. The market has shown bearish possibilities. The price for XTZ is currently available at $1.416, struggling with just the $2.55 mark.
XTZ has been up 0.78% in the last 24 hours, with a daily trading volume of $11,944,113 and a live market cap of $1,291,609,742. XTZ ranks #42 on the cryptocurrency ranking.
XTZ/USD 4-hour price analysis: Recent developments
Tezos price analysis revealed that the market volatility is increasing, making the XTZ/USD prices that are subject to change more likely to experience the difference. The upper band value of Bollinger’s band is available at $1.444, which serves as the strongest resistance for XTZ. Conversely, the lower limit of Bollinger’s band is present at $1.404, which serves as the strongest support for XTZ.
The XTZ/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish trend. On the other hand, the XTZ/USD price path seems to be moving downward, representing a declining market with further possibilities of bearish movements as the price attempts to break the support.
The Relative Strength Index (RSI) score is 45, signifying that the cryptocurrency falls in the undervalued region, specifically under the devaluation threshold. The RSI score appears to move downward. As a result, we can see the RSI score declining. This is because the selling activity dominates the buying activity.
Tezos price analysis for 1-day: Market breaks
The Tezos price analysis for one day reveals the market volatility follows a closing trend signifying that the price is more prone to experience variable change as the volatility fluctuates more. The upper limit value of Bollinger’s band is present at $1.513, which serves as the strongest resistance for XTZ. Conversely, the lower limit value of Bollinger’s band is available at $1.377, which acts as the strongest support for XTZ.
The XTZ/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. The market trend has been maintaining a bearish trend for the last couple of days. However, the XTZ/USD price path attempts to break the support, showing signs of going downward soon, which signifies that the market may soon undergo a complete reversal.
Tezos price analysis reveals the Relative Strength Index (RSI) score is 43, showing an extremely low value falling in the central-neutral region, falling in the stability region. The RSI path appears to follow an upward trend that may indicate future consistency in the value of XTZ while moving toward a stable point. The RSI score seems to be moving upwards due to the buying activity dominating the selling activity.
Tezos Price Analysis Conclusion
Careful observations from Tezos price analysis can deduce that the price level is still under bearish dominance. Still, a reverse trend is highly likely as the bulls have recovered in the past few days. Although the price remains in bearish dominion, there is speculation that XTZ will soon skyrocket as the bulls get ready to counter the bears.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-10-08/