Tezos price analysis: XTZ faces break down at $0.8534 after a bearish turn

The latest Tezos price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since 11th December. This is a worrisome sign for cryptocurrency, as the price has lowered to the $0.08351 mark, which is already quite a low level considering the price during the past months; however, support is also present nearby at the $0.8351 level and the resistance level is at $0.9033. The market capitalization of Tezos is currently at $784 billion and the 24-hour trading volume is $21 million.

XTZ/USD 1-day price chart: Tezos price finds resistance at $0.9033

The 1-day Chainlink price analysis shows bears are trending for today and forming red candlesticks. The bearish trend has again damaged the cryptocurrency’s value to a good extent as XTZ is trading hands at $0.8534 at the time of writing, and the crypto pair reports a loss of 4.62 percent over the last 24 hours and a loss of 14.84 percent over the past week. The moving average (MA) is trading at $0.9438, just above the price level.

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XTZ/USD on a 1-day price chart, Source: TradingView

The volatility is high, which is why the Bollinger band average is now at $0.9033, whereas the upper Bollinger bands value is at $8.36, representing the resistance for XTZ and the lower Bollinger bands value is at the $0.8335 position representing support for the coin price. The Relative Strength Index (RSI) is trading at a downward slope at index 38.98 in the lower half of the neutral zone due to the price sinkage as selling activity continues in the market.

Tezos price analysis 4-hour price chart: Latest developments

The 4-hour Tezos price analysis confirms the above-mentioned analysis as the price breakout was upwards, but bears have brought the price back downwards during the last four hours, and there are chances for more decline in price in the coming hours if the selling pressure extends. But a reversal in trend is also possible.

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XTZ/USD on a 4-hour price chart, Source: TradingView

The volatility for XTZ/USD on the 4-hour chart is increasing today, with the upper band reaching $1.004, and the lower band has traveled down to $0.8234, whereas the mean average of the indicator is present at $0.8234. The RSI shows a downward turn here as the selling pressure is still there.

Tezos price analysis conclusion

To conclude, the Tezos price analysis reveals that cryptocurrency follows a strong downward trend with much room for further activity on the declining extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their control over the market.

Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-12-17/