XTZ/USD dips to lows of $1.89 after a bearish spell


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Cryptocurrencies price heatmap, Source: Coin360

Tezos price analysis shows a bearish trend as the coin indicates has been consolidating below the $2. level over the past few days as the overall cryptocurrency market remains in a bearish state. Tezos price analysis shows that support for XTZ prices is present at around the $1.89 level, but there is significant resistance around the $2.21.

Tezos prices have been trading around $1.89 to $2.21 over the past few days. Tezos prices are currently facing resistance at around $2.1, and if prices can break above this level, it would be a bullish sign. However, if prices fail to break above $2.1, it is likely that prices will continue to fall towards the $1.89 support level. The market cap for the Tezos Foundation is currently around $1,698,003,547, and the 24-hour trading volume is around $85,202,560.

Tezos price analysis on a 1-day price chart: Bears are adamant as XTZ prices remain below $1.89

On the 1-day chart, Tezos prices analysis shows a downtrend for the last 24 as XTZ prices fell from highs of $4.17 to lows of $1.89. Tezos prices have been consolidating below the $2 level over the past few days as bearish momentum continues to dominate the market. The bulls tried to push prices higher yesterday, but they were unable to break above the $2.1 level, which is a bearish sign.

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

The RSI indicator is currently at 40 and is slowly moving towards the oversold region, which indicates that there is still some bearish momentum left in the market. The MACD indicator is also in bearish territory as the MACD line is below the signal line. The Bollinger Bands are also relatively wide, which indicates that there is still some volatility in the market. 

Tezos price analysis on a 4-hour chart: XTZ/USD prices are facing resistance around $2.1

On the 4-hour chart, Tezos prices analysis shows a downtrend for the last 4-hours as the market is in a bearish trend as the market has formed a descending channel pattern. Tezos prices are currently trading at the lower end of the descending channel and are facing resistance around $2.1. If prices can break above this level, it would be a bullish sign as it would invalidate the descending channel pattern.

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

The Bollinger band indicator is below the candlesticks, which indicates that prices are currently in a bearish trend. The RSI indicator is below 50 and is currently in bearish territory. The MACD indicator is also in bearish territory as the MACD line is below the signal line.

Tezos price conclusion

Tezos price analysis shows a bearish, and a further decline is expected in the market. The bulls had attempted to push prices higher but failed as the market found support at $1.89. The investors are currently waiting on the sidelines as market sentiment remains bearish as buyers are not yet convinced that prices have bottomed out. At the same time, sellers wait for prices to fall further before entering the market.

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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