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The Tezos price analysis confirms that the XTZ has been on a downtrend trajectory after breaching the resistance at $1.17. The price has been consolidating in the range of $1.09-$1.08 today, with a loss of 5.56 percent. The market sentiment has been bearish, and investors have been selling their positions due to a lack of upside momentum.
The sellers are dominating the market, and the XTZ/USD pair is likely to stay close to the support level of $1.09 in the near term. In addition, if the bears gain control and push the price below $1.09, then it could test further support levels at $1.08 and $1.07, respectively, in the coming days. On the upside, if the buyers take control and break above $1.17, then the next resistance levels will be at $1.19 and $1.21, respectively.
Tezos price analysis 1-day chart: XTZ price level drops to $1.09 after a bearish swing
The daily Tezos price chart is in favor of the bears, as the price is trading below $1.09. The XTZ has formed a bearish engulfing pattern, which is a sign of a potential bearish reversal. The market is expected to remain bearish in the near term and will likely test the support level at $1.07 in the coming days. Furthermore, the trading volume has been declining over the past few days, indicating a lack of bullish momentum in the market.
Looking at the technical indicator, the MACD is in bearish territory as its signal line is above the MACD line. The histogram is also red, indicating bearish momentum in the market. The RSI is also in the bearish zone and is trading close to the overbought region, indicating a bearish bias could continue in the near future. The price has gone below the moving average (MA) value as well which is standing at $1.16.
XTZ/USD 4-hour price chart: Tezos consolidates around $1.09
The 4-hour Tezos price analysis also indicates bearish momentum in the market. The bearish pressure is intensifying as the XTZ/USD has slipped below the $1.09 level. The market capitalization of the digital asset is $1.015 billion and is down by 5.63% in the past 24 hours, signaling the market’s sentiment. The 24-hour trading volume has increased by 28.54% to $42 million, indicating a lack of volume in the market.
The relative strength index (RSI) indicator is currently trading at 51.41, suggesting that the market is neither overbought nor oversold. The MACD indicator is again below the signal line, which indicates the price has been dropping continuously. The moving average for the pair is dropping, which suggests that the bearish trend will continue in the future. Furthermore, the 20-SMA is below the 50-SMA which is indicating a bearish sentiment in the market.
Tezos price analysis conclusion
Overall, the Tezos price analysis suggests that the XTZ/USD pair could continue its downward trend as it trades below $1.09. The selling pressure is expected to remain in the market as long as the price stays below the $1.09 level unless buyers manage to break above this level and push prices higher. In case of an upside breakout, the XTZ/USD pair could test the $1.10 and $1.12 levels, respectively.