•XTZ/USD is currently priced at $0.95 and has decreased by 0.16% over the past day
•The trading volumes have increased by 14.71% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: XTZ bulls run out of gas as asset continues downtrend
The Tezos price today is $0.957414 USD with a 24-hour trading volume of $28,237,303 USD. Tezos is down 0.16% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.03215 for the altcoin.
XTZ has crumbled under bearish weight of expectations, with the downtrend in full swing in the market at the moment. The Tezos price is currently transacting below the 20,50 SMA on the four hour chart which can only be construed as a bearish signal. The current market sentiment has some bearish undertones to it and the breach of the $0.90 support level isn’t out of question in the coming days. However, the breach if the crucial $1 resistance level will mark a shift in sentiment on which the bulls will need to capitalize.
Long Term View for XTZ
The RSI for Tezos is currently transacting at 30.06 but it could provide a launchpad for the Tezos bulls to mount a sustained challenge to the bears in the market. The red histograms have lost momentum over the past few days as well on the daily chart. However, the MACD and signal lines continue to transact in the negative zone. It will take a lot out of the bulls to undo the damage that has been done over the past few days.
Conclusion
Tezos has been unable to recover from the bearish setback as the asset looks to be rapidly descending towards on a downward trajectory. The coming days will provide us with an insight into the future course of the coin.
Support: $0.90
Resistance: $1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
