XTZ/USD to break below th daily support found at $3.8

TL;DR Breakdown

• Tezos price analysis is bearish
• XTZ prices are facing resistance at $4.05
• Support for XTZ prices is present at $3.8.

Tezos (XTZ) prices are in a downward trend as they face resistance at the $4.05 level. Support is present at the $3.8 level. A break below the support could see prices decline to $3.5. Conversely, a breakout above the resistance could see prices rally to the $4.75 level.

Tezos (XTZ) is a blockchain platform that allows decentralized applications and smart contracts to be built and operated on its network. The project raised over $232 million in its initial coin offering (ICO), making it one of the most successful ICOs. Tezos is currently trading at $3.92, down 3% in the last 24 hours.

Tezos price analysis on a 1-day price chart: XTZ prices face resistance at $4.05

The Tezos price chart for the past day shows that the decline has continued for several days. XTZ prices resist at the $4.05 mark, with a key support level set at $3.8. XTZ prices may fall to around $3.6 if they break below this support, according to technical analysis. If XTZ prices rise above the resistance, they may reach $4.3. The MACD indicator is presently negative, while the RSI indicates an oversold situation.

XTZ/USD 1-day price chart, source: TradingView

The current trend is still expected to reverse at some point. It’s best to wait and see how the market evolves before taking any positions. In the short term, though, the EMAs remain in favor of the bears, and XTZ may resume its decline to $3.8 soon.

Tezos price analysis on a 4-hour price chart: XTZ set to test the further downside

The 4-hour XTZ/USD rate follows the bearish trend, with resistance at $4.05 as indicated by the price. The important support level is $3.8, which may be tested soon. The MACD line presently sits negatively, while the RSI indicates oversold conditions. It appears that sellers are in control of the market, and a further drop is expected. However, waiting for a clear break out before taking any actions is essential.

XTX/USD 4-hour price chart, source: TradingView

The RSI line is heading downward, while the moving averages are showing a downturn. The $3.8 support is crucial for XTZ prices, and if it is broken, the next stop could be $3.6. The present market sentiment is attributed to the overall drop in XTZ values. The main resistance level is at $4.05, with support at $3.8 below that. Also, because the 50-day SMA is below the 200-day SMA, indicating that sellers are in command of the market and a additional price fall is probable.

Tezos price analysis conclusion

A downtrend is expected to continue in the short term, with a key support level at $3.8. Resistance is set at $4.05. A breakout above this resistance could see prices rally to the $4.75 level.

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