XTZ Price Analysis: Bears continue their downward trend; will bulls gain traction?

The token has shown bullish actions in the previous sessions.
The pair of XTZ/USDT is trading at the price level of $0.985 with a decrease of -0.4% in the past 24 hours.

According to price movement, the XTZ token price is negative on a daily basis. The overall negative trend in the cryptocurrency currency market appears to have influenced the token’s price. The token is trading below the demand zone on the daily time frame.

XTZ on the daily time frame

The token is in a long-term downtrend, with bears pushing the price down, forming lower highs and lower lows. According to the daily chart, the XTZ token is now trading at $0.985, indicating a -0.4% loss in the last 24 hours. It is now trading between its two major Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA).

Relative Strength Index: The asset’s RSI curve is currently trading at 64.81, indicating that it is in the overbought zone. The bullish momentum in the token over the last few days has increased the value of the RSI curve. The RSI curve has crossed over the 14 SMA, indicating that the market is bullish. The token’s overall view is bearish, and in order for the trend to reverse, the token must break the long term trend line on the daily time frame.

Analyst view & Expectations

The token is trading below the long term trend line and is not able to break it and give closing on the daily time frame. Investors are advised to wait for the token to break and sustain the trend line before buying to gain more confirmation on the trend. Intraday traders, on the other hand, have good opportunities on both the buying and selling sides; if the token breaks above the trend line, they can go long; if the token faces rejection around the trend line, forms a strong bearish candle, and crosses the 50 EMA downward, they can go short.

According to our current Tezos (XTZ) price prediction, the value of Tezos (XTZ) will fall by -1.11% and reach $ 0.978564 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 51. (Neutral). Tezos had 18/30 (60%) green days with 12.02% price volatility in the previous 30 days. According to our Tezos projection, now is not the time to buy Tezos.

Technical Levels

Major support: $0.905

Major resistance: $1.049 & 1.271

Conclusion

According to the price action, the token is trading in a downtrend, with the price forming a bearish chart pattern. Investors should wait for a clear indication before acting.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing