TL;DR Breakdown
- Tezos price analysis shows a bearish trend
- XTZ prices resistance is present at $3.42
- Support for Tezos prices is seen at $3.0 and $2.9
Tezos price analysis shows that the XTZ market has been in a bearish trend for the past week now, trading at $ 3.24 a slight decline of 0.75 percent. The coin has not been able to surge beyond the $3.42 level and it is currently facing resistance at that point. Tezos, after a week of sideways trading, has once again started to move in a bearish direction. The cryptocurrency dipped below the $3.30 level and is currently consolidating around the $3.20 mark. XTZ prices have been on a downtrend since February 25 and fell by over 15 percent during this time.
The recent market-wide sell-off has also had a bearish effect on Tezos prices, as the cryptocurrency dipped below the $3.30 level. The support levels for XTZ prices are seen at $3.0 and $2.9.Tezos trading volume has, however, picked up in the past 24-hours and is currently at $180,284,850.54 an increase of 29.9 percent. Tezos prices have been trading at a range of $3.0- $3.42 in the past week. If the coin breaks below the support level of $3.0, it could fall to $2.8. On the other hand, if XTZ prices manage to surge above the resistance level of $3.42, it could test the $4.0 mark.
Tezos price analysis on a 1-day price chart: Bears adamant on pushing prices below the $3.30 level
The 1-day price chart for Tezos price analysis shows that the cryptocurrency is in a downtrend and is currently facing resistance at the $3.42 level. The RSI indicator is at 39.5 and indicates that there is still some selling pressure in the market. The MACD line is sloping downwards and is below the signal line, which shows that the bears are in control of the market. The Stochastic indicator is at 30.0 and indicates that there is still some buying pressure in the market.
The SMA 50 is at $3.40, while the SMA200 is at $4.02, which shows that the market is in a bearish trend. Bears seem to have the upper hand in the market as they push prices below the $3.30 level. The increasing selling pressure in the market affects XTZ prices as the cryptocurrency is likely to fall beyond the $3.0 support level soon if the bears maintain their grip. Also, the market volatility is seen to be significantly decreasing, which is a sign that the market is consolidating before the prices set up an upward breakout.
Tezos price analysis on a 4-hour price chart: XTZ consolidates around $3.30
The 4-hour price chart for Tezos shows that the cryptocurrency is consolidating around the $3.20 level after a brief period of sideways trading. The RSI indicator is at 36.1 and shows that there is selling pressure in the market. The MACD line is sloping downwards and is below the signal line, which indicates that the bears are in control of the market.
The Stochastic indicator is at 30.0 and indicates that there is still some buying pressure in the market. The Parabolic SAR indicator is currently at $3.22 and indicates that the coin is in a bearish trend. The market volatility is low and the trading volume is also low, which indicates that the market is currently in a consolidation phase with the Bollinger bands contracting.
Tezos price analysis conclusion
Tezos price analysis shows that the cryptocurrency is in a downtrend and is currently facing resistance at the $3.42 level. The support levels for XTZ prices are seen at $3.0 and $2.9. The recent market-wide sell-off has also had a bearish effect on Tezos prices. However, if the bulls could put more pressure on the market, XTZ prices could surge above the resistance level of $3.42 and test the $4.0 mark.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-03-24/