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Tezos price analysis: As XTZ prices draw near to $1.68, the bearish clouds dissipate


www.cryptopolitan.com 20 May 2022 01:29, UTC
Reading time: ~3 m

Tezos price analysis toward the end of March, Tezos price was in a bearish trend as XTZ/USD declined from $2.20 to $1.62. However, the bulls have since regained control of the market and are pushing prices back up. At the time of writing, XTZ/USD is trading at $1.68 after bouncing off support at $1.62.

On the 4 – hour Tezos price analysis chart, we can see that XTZ/USD has been in a bearish trend since February 21 when it reached an all-time high of $3.29. The market then corrected lower as it found support at $2. Toward the end of March, the market plunged further as it reached the support at $1.62. The bulls have since regained control of the market and are pushing prices back up. However, the market is facing resistance at $1.82.

If the bulls can push prices above this level, we could see Tezos price continue its upward toward the end of March, Tezos price was in a bearish trend as XTZ/USD declined from $2.20 to $1.62.

Tezos price movement in the last 24-hour: Bearish trend fades

Tezos price analysis for the 24-hours price chartBTZ7 price is down by 1.02% in the last 24-hour period. The market opened the day at $1.70 and reached a high of $1.71 before falling to a low of $1.68. At the time of writing, XTZ/USD is trading at $1.68.

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

From the charts, we can see that the market is in a bullish trend as the moving averages are sloping upward. The RSI is currently at 54 and is rising indicating that the bulls have the momentum to push prices higher.

XTZ/USD on 4-hour price analysis: Recent price developments

Tezos price analysis for the 4-hour price chart shows that the market is in a bearish trend as prices have fallen below the $1.80 level. Prices are currently trading at the $1.68 level, and a break below this level can see prices test the $1.50 support level.

XTZ/USD 4-hour price chart, Source: TradingView

On the 4-hour Tezos price analysis chart, we can see that the market is in a bearish trend as it has been making lower highs and lower lows since February 21. The market found support at $1.62 and has since rebounded to where it is currently trading. The bulls will need to push prices above the resistance at $1.82 to invalidate XTZ/USD 4-hour chart.

Tezos price analysis conclusion

Tezos price analysis is in a bearish trend as market sentiment remains negative. Prices are currently trading at the $1.68 level and a support level is present at $1.62 while resistance is present at $1.82. Prices may continue to fall in the near term as market sentiment remains bearish. The technical indicators show that prices have further to fall as the market is in a bearish trend. Investors are advised to wait for the market to find a bottom before making any long-term investments.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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