Tezos price analysis shows an increasing bearish tendency as the price has followed a descending movement in the last 24-hours. The bulls had attempted to push XTZ prices up to $1.48 but were unable to break past the resistance level at $1.47. however, the bears have managed to continue their impact on the market by bringing the price down to its former low level of $1.42.
The digital asset has decreased by 1.74 % in the last 24-hours, with a trading volume of $32 million. The market cap for the altcoin has decreased to $1.31 billion, placing it at the 45th rank on CoinMarketCap’s list of cryptocurrencies by market cap.
XTZ/USD 1-day price chart: Bearish pressure still weighs on the price function
The 1-day price chart for Tezos price analysis shows the price movement is continuously downwards, as the price has decreased further today. Overall the XTZ/USD shows a decrease in price over the last 24 hours, and the cryptocurrency reports a decrease in price value over the past week extending to 4.6 percent.
The Bollinger Bands Indicator is showing a change of values as well, as now the upper band is touching the $1.46 mark, and the lower band is at the $1.42 position representing support for XTZ. The Relative Strength Index (RSI) index is in the neutral zone at an index value 48.62. The Moving average indicator is below the candlesticks, showing that bearish pressure is still present in the market.
Tezos price analysis: Recent developments and further technical indications
The 4-hour Tezos price analysis shows the price has been trading within the $1.42 to $1.47 range, and a break either below the support of $1.42 or above the resistance at $1.47 may determine further price movements for XTZ in the short term. The price is now touching the $1.42 level, which is even lower than its moving average value, i.e., $1.43, indicating that bearish pressure is currently dominating the market.
The downward price trend is also reflected in the Bollinger Bands, as they are now tighter with the lower band at $1.40 and the upper band at $1.46. The RSI curve has flattened at an index of 50.79 in the past few hours, hinting at bearish pressure weighing on the price function.
Tezos price analysis conclusion
The hourly and daily Tezos price analysis is confirming a drop in coin value as the bears have brought it down to $1.42 again. The bearish trend is expected to get stronger in the next few days as the selling momentum is on the rise. The technical indicators also confirm a bearish market, and traders may wait for a clear break above or below the current support and resistance levels before making any trading decisions.
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