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XTZ Price Analysis: Bears have a field day as Tezos falls

Analytics

www.thecoinrepublic.com 02 June 2022 19:11, UTC
  
Reading time: ~2 m

•XTZ/USD is currently priced at $1.91 and has decreased by 8.42% over the past day

•The trading volumes have increased by 15.59% over the past day

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: Bearish momentum shows no signs of shifting for XTZ 

Source: XTZ/USD by TradingView 

The Tezos price today is $1.91 USD with a 24-hour trading volume of $88,036,702 USD. Tezos is down 8.42% in the last 24 hours. The trading volumes have increased over the past day as a result of increased selling activity taking place. The Volume to Market Cap Ratio stands at 0.05134 for the altcoin, reflecting the weak sentiment prevailing in the market. 

XTZ Coin is currently transacting in a downtrend as the bears have amped up the pressure. The asset is currently transacting below the 20,50 SMA on the four-hour chart which has turned the sentiment bearish regarding Tezos Coin. A continuation of the downtrend could push the Tezos price below the support level placed at $1.75 whereas a rise in bullish activity could act as a catalyst for the asset to turn the tide around and scale the resistance level placed at $2.50, which could come after the nearest resistance level placed at $2 is breached. 

Long Term View for XTZ

Source: XRZ/USD by TradingView 

The technical indicators for Tezos suggest a continuation of the downtrend as the asset looks to have succumbed to the bearish pressure. The RSI is currently transacting at 44.30 but a decrease in the metric looks to be on the cards as the RSI line has fallen below the 14-day average line. The green histograms are reducing in size on the daily MACD chart with the MACD and signal lines transacting in the negative zone as well. 

Conclusion 

Tezos appeared to be cruising along at a rapid pace over the past few days but the upside has been curtailed. A downtrend is on the cards for XTZ and now the bulls will be aiming to minimize the losses. 

Support: $1.75-$1.50

Resistance: $2-$2.50

ALSO READ: Sequoia & a16z Backed Loom Fires Its 34 Employees: Here’s Why 


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