Tezos Price hit yearly lows; Any sign of reversal in XTZ visible

• Tezos Price tumbled 21% in the previous week and hit a fresh yearly low.
• The downfall continues in XTZ crypto and forming bearish pattern.
• XTZ Price trading below the 50 and 200 day EMA indicates downtrend.

Tezos Price tumbled 21% in the previous week which is the biggest one week fall of XTZ in 2023. The XTZ price slipped down by forming lower lows swings which shows that the trend is down. 

The short term pull backs not sustaining on the higher levels shows bears dominance. The 50 and 200 day EMA is sloping downward and acting as an immediate hurdle for the bulls. 

Tezos Price showed bullish momentum in the beginning of 2023 and broke out of the $1.00. It triggered the positive sentiment and prices rallied 50% approx in a short period of time. 

In the mid of February, XTZ price hit a high of $1.490 and tried to reach $1.500. But, it faced a sharp rejection from the higher levels and prices returned back to $1.00 support. 

Tezos price consolidated for a few months in the narrow range and created a hope for base formation. In the month of May, sellers took over the control and pushed the prices below the range which invites further decline. 

Presently, Tezos Price is trading at $0.724 with an intraday decline of -0.41%. The 24 hour volume to market cap ratio is 0.1157.

Will Tezos Price take U-turn or decline further

The downfall in the Tezos Price halted near $0.700 and buyers are trying to defend the support. However, the prices did not show an up-move or reversal pattern. Therefore, XTZ crypto is still in bear grip and the probability of taking a U-turn is low. 

If the Tezos price begins to consolidate in the narrow range then the downfall will be postponed. Meanwhile, if the overall market sentiment recovers the short term pull back might be visible in XTZ. 

Whereas, if the XTZ price drops below the $0.700 then it will turn bearish for the long term and more downside will open. The technical analysis suggests Tezos Price is in strong downtrend and might decline further from current levels. 

XTZ Price negatively impacted due to BTC fall

XTZ Price formed a bearish pattern and eroded the complete gains generated in the year 2023. Recently, the crypto leader Bitcoin Price (BTC) slipped below $25000 after long consolidation. 

It is hurting the sentiment of the investors and fear of further downfall is visible in price action. If the BTC price falls further then the majority of the Altcoins will be negatively impacted. 

The technical indicators of Tezos like MACD curve slopes down indicates bearishness. The RSI at 24 denotes price is oversold and a relief rally may arrive.

Conclusion

Tezos Price tumbled 21% in the previous week and hit a new low. XTZ price taking support near $0.700 and buyers trying to rebound. However, due to sell off across all over the crypto market the possibility of reversal in XTZ remains low. 

Technical levels

Resistance levels: $1.000 and $1.200

Support levels: $0.600 and $0.500

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.