Tezos price analysis: XTZ falls back to $3.00, can the bulls defend the level?

TL;DR Breakdown

• Tezos Price analysis suggests downwards movement below $3.00.
• The closest support level lies at $3.00 abd further below at $2.915.
• XTZ faces resistance at $3.150.

The Tezos price analysis shows that the asset’s price action was rejected at the $3.150 mark and the price has crashed back to the $3.00 mark. While the buyers defend the $3.00 support level, the market sentiment is negative suggesting further downwards movement.

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include LUNA and SOL recording a 6.03 and 5.08 percent incline respectively.

Tezos price analysis: XTZ

Across the technical indicators, the MACD is currently bearish as shown in the red color of the histogram. However, the bearish momentum is low as the MACD has just observed a bearish crossover as XTZ was rejected at the $3.150 mark and declined below the $3.10 level. If the price stabilizes at the $3.050 mark, the MACD may turn bullish again, however, the market sentiment is highly negative at press time.  

The EMAs are currently trading close to the mean position as the XTZ price observes low net activity over the past few days as the recent bullish activity barely cancels out the bearish activity observed over the past few days. At press time both EMAs are moving downwards with a gentle slope. 

The RSI was trading high yesterday as XTZ rose to the $3.150 mark, but now the index has fallen back to the mean position around the 50.00 index units. Currently, the indicator is moving sideways as volatility remains low across the short-term charts. Regardless, the indicator’s mean position leaves room for sharp activity in either direction.

The Bollinger Bands are currently narrow and show further convergence as the price action sticks around the $3.00 mark. At press time, the bands’ mean line provides short-term support at the $3.0290 mark, while the bottom line provides support at $2.915. On the other hand, the bulls face resistance at the band’s upper limit at $3.144. 

Technical analysis for XTZ/USDT

Overall, the 4-hour Tezos price analysis issues a sell signal with 11 of the 26 major technical indicators showing support to the bulls across the timeframe. On the other hand, only five of the indicators support the bears, showing a low bearish presence in recent hours. Meanwhile, the remaining 10 indicators sit on the fence and do not issue any signals at press time.

The 24-hour Tezos price analysis accentuates this sentiment and issues a strong sell signal with 15 major technical indicators suggesting downwards movement against only two indicators suggesting further upwards movement. The analysis reinforces bearish dominance while showing little to no bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market.

What to expect from the Tezos price analysis?

The Tezos price analysis shows that after finding strong bearish pressure at the $3.150 mark which rejected the trend causing XTZ to fall back towards the $3.00. The bearish activity has reversed the bullish activity of the past few days. At press time, the bulls and the bears are at a standstill as either side struggles for dominance.

Currently, traders should expect the Tezos price analysis to move sideways below the $3.00 mark as the bears dominate the mid-term charts, However, the low trade activity suggests low volatility. The market sentiment is also mixed suggesting a lack of momentum across the short-term charts. However, the bearish mid-term chart suggests that the price action may take a downwards turn soon.