Tezos analysis shows a strong downtrend for the cryptocurrency today, as the coin value underwent a noticeable reduction. The ongoing decreasing trend has lowered the cryptocurrency value to a $1.31 low. Although the bulls dominated the market at the start of the week, the bears have been trying to secure the winning position for the past hours.
The next level of support for Tezos is $1.30. This is a key level to watch as a break below this could signal further downside for the cryptocurrency. The Tezos price is currently trading at $1.31 and is down 2.24% on the day. The cryptocurrency has a market cap of $1.19 billion and is ranked 42nd in the market cap rankings. with the 24-hour trading volume at $20 million.
Tezos price analysis on 4-hour price analysis: Coin value demotes to $1.31
The 4-hour, Tezos price analysis seems to show the market following a positive movement with the market’s volatility entering a declining movement, consequently closing the market. This makes the cryptocurrency price less prone to experience volatile changes in either extreme.
As a result, Bollinger’s band upper limit is present at $1.36, representing the strongest resistance for XTZ. Conversely, the lower limit of Bollinger’s band is present at $1.30, expressing the strongest support for the meme cryptocurrency. The MACD indicator is showing bearish signs as the signal line is above the MACD line, and both are sloping downwards. The RSI indicator is also leaning towards the oversold zone with a value of 41.09.
Tezos price analysis on a daily chart: Prices seek support at $1.30
Tezos price analysis indicates the prices have been trading between a range of $1.30 and $1.36 over the last 24 hours, with the cryptocurrency failing to break out of the resistance at $1.36. The market is currently in a bearish trend as the prices are below the moving averages.
The Bollinger bands are both moving towards each other, which is a sign of decreasing market volatility. The MACD line is at risk of crossing below the signal line, which is a bearish sign. The RSI indicator is currently at 40.82 and is in the oversold region.
Tezos price analysis conclusion
Tezos price analysis reveals the cryptocurrency following a shaky bearish movement, showing massive bullish potential. The market shows potential for a reversal in the coming days. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Tezos beyond expectations.
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