- Tezos price analysis suggests a downwards movement to $2.00
- The closest support level lies at $2.06
- LUNA faces resistance at the $2.22 mark.
The Tezos price analysis shows that XTZ was rejected at the $22.00 mark and now moves downwards as the bulls show exhaustion while the bears take over. Currently, the price has fallen below $2.10 and shows no signs of slowing down.
The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include AVAX and SOL recording an 8.97 and a 5.95 percent decline respectively.
Tezos price analysis: XTZ falls below $2.10
The MACD is bearish as expressed in the red color of the histogram showing an increase in the selling pressure across the 4-hour charts. However, the indicator shows low bearish momentum at press time as the MACD has just observed a crossover in recent hours. Regardless, the dark color of the histogram shows an increasing bearish momentum as the price falls towards the $2.00 support level.
The EMAs are currently trading high as net price movement over the last five days remains high. However, with the recent rejection at the $2.20 mark, the price has started to fall causing both EMAs to move downwards towards the mean line. At press time, the 12-EMA moves downwards with a steep slope while the 26-EMA moves horizontally suggesting a further increase in the bearish momentum of the asset.
The RSI briefly rose to the overbought region on May 30 but has since moved back into the neutral zone as the price action observed a retracement. Currently, the index trades close to the mean level at 50.00 as it hovers around 49.82 showing low momentum. However, the index is moving downwards at a steep slope suggesting that the selling pressure is increasing rapidly and the price may continue to fall across the short-term charts.
The Bollinger Bands are wide at the moment but show convergence as the price action makes a return to the indicator’s mean line. However, the sharp activity suggests that the volatility would not drop by much unless the price action stagnates around $2.00. Currently, the mean line provides support to the bulls at $2.0 while the upper limit acts as resistance at the $2.2 price level.
Technical analyses for XTZ/USDT
Overall, the 4-hour Tezos price analysis issues a sell signal with 10 of the 26 major technical indicators supporting the bears. On the other hand, only six indicators support the bears showing a low bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Tezos price analysis shares this sentiment and also issues a sell signal with 10 indicators suggesting a downwards breakdown against seven indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing significant buying activity for the asset as well. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from Tezos price analysis?
The Tezos price analysis shows that after climbing to the highs of $2.20, the sharp bullish activity left the price action unstabilized and the bulls were unable to break past the level. As such, the asset observed sharp retracement which has bought the price action back to $20.00
Traders can expect XTZ to continue moving downwards as the price action continues to observe steady bearish movement across the 4-hour charts. The price can be expected to fall to the $2.00 mark before stabilizing, however, if the bulls are unable to hold the support level, XTZ may continue its downwards movement to the $1.80 mark.