XTZ obtains bearish momentum at $0.9872

The Tezos price analysis shows a bearish momentum in the XTZ/USD pair. After finding stability near the $1 mark, it has now slipped to a low of $0.9872. The market introduced the bearish pattern after the momentum failed to breach past the immediate resistance at $1.06. The current support for XTZ prices is seen at $0.9843, which, if breached, can take the digital asset lower toward the $ 0.9581 mark. On the other hand, any upside move is likely to face resistance near $1.06 and then further at $1.14.

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Cryptocurrency price heatmap, Source: Coin360

The overall market for cryptocurrencies is currently trading in the red, with Bitcoin slipping below the $20K mark and Ethereum trading near $1,400. As the market takes a breather after the recent bull run, it is expected that XTZ prices will also take a hit due to its high correlation with other digital assets.

Tezos price action on a 1-day price chart: Bears are adamant as they push prices below $1.00

The 24-hour chart for the Tezos price analysis shows that the bearish trend is likely to continue in the near term, as more losses can be seen in the coming days. Currently, the XTZ/USD pair is trading at $0.9843, with a decrease of 4.87%. Looking at the market cap, it stands at $906 million with a daily trading volume of $37 million. The digital asset has also seen a decrease in its market dominance to 0.10%.

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XTZ/USD 24-hour chart, Source: TradingView

The 50 SMA line is currently below the 200 SMA line, which indicates that the path of least resistance is to the downside. The RSI indicator is currently at 36.12 and indicates that the token is oversold. This means that there could be a small bounce in prices before the bearish trend resumes. The MACD indicator is also showing bearish momentum as the histogram narrows down.

XTZ/USD 4-hour price chart: Drop-in price recorded as bears attempt to lead

The 4-hour price chart for Tezos price analysis shows the price is going down once again after the bears managed to secure grounds on the Candlestick chart. The price breakout was upward at the $1.06,1.04 and 1.03 mark as the bulls managed to push the market up but were quickly met by the bears, who pushed the market back down. Further decline in the upcoming hours is to be expected, and the price might go lower than its current level.

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XTZ/USD 4-hour chart, Source: TradingView

The price is currently below the 50 SMA line, and it looks like the bears are going to take control of the market once again.  The 20-SMA line is close to the 50-SMA line and can act as a support level for the XTZ/USD pair. The RSI indicator is currently at 27.74 and moving further below the oversold zone. The MACD indicator is also showing bearish momentum with the MACD line below the signal line.

Tezos price analysis conclusion

To conclude, The price has undergone a loss in the last 24 hours, as has been confirmed from the 1-day and 4-hour Tezos price analysis. The bears are striving to maintain their upper position on the price charts and have taken the price down to the $0.9872 level. Further decrease in the coin value is highly possible in the coming hours, as the hourly prediction favors the bearish trend after a steady decline in the coin’s value.

Source: https://www.cryptopolitan.com/tezos-price-analysis-2023-03-10/