Tezos Coin Price Analysis: Will XTZ Price Continue Downward?

• The price of XTZ is trading at $0.776.
• The XTZ price increased by +1.25% in the last 24 hours.
• The XTZ 1-year return is -42.09%.

Volume Analyzation

The amount of XTZ traded in a day is $13980857. It has fallen by 32.44% in the last day. The trading activity is comparatively low in XTZ now because the market is unfavorable and the presence of buyers for the coin decreased significantly as well.

Therefore, it can not push the price up due to the lack of considerable volume present in the market. 

Trend Analyzation

This month the trend was bearish as the price was down by 13.22%. By trend and price information history, we can say that XTZ Network (THETA)  is underperforming right now. The coin’s value plummeted by more than 50% in all-time history, wiping out the investors’ money. The market mood is bleak and there is a lack of demand or trading activity for the coin. This may explain why the coin has performed so poorly.

In 1-D Timeframe

Trendline Analyzation

As per the trendline, it’s respecting the trendline and facing rejection exactly from the drawn trendline on the chart. From the point where it declined from the trendline, it’s been bearish recently it gave a breakdown and retracted back as a retest to the support zone. Soon, bears will pressure and it’ll go down more as the support has been destroyed. So, as price action speaks, it may come down to taking support. As per the trendline, it can reach $0.658 soon which is our major support. 

Supertrend

With the help of just two parameters: period and multiplier, this indicator works well. At period value 20 and multiplier value 2, it shows the continuous trend if it’s bullish or bearish. As shown in the chart, it’s bearish.

MACD

As we can see in the chart, the blue line or MACD line has crossed the signal line from below while making a bullish crossover since it’s below the zero line. We can say that based on the negative territory because it’s below the zero line, we can say that the trend may continue downward.

EMA 

The price is going up on the 1D chart. It is below the 20, 50, 100 & 200 EMA’s (exponential moving average), which is resisting the trend and pushing it downwards. The sellers are stronger than the buyers which shows that the price is unable to reach above resistance levels as resistance is high by the bears. To change the direction, the price has to go up and stay above the 20, 50, 100 & 200 EMA’s.

Bollinger Band

In the Bollinger Band indicator, XTZ coin price trades at the lower band. After taking rejection from the 20-day Simple Moving Average (SMA) of the Bollinger Bands, it is indicating more downward move.

Conclusion

The XTZ coin price as per the price action is bearish. As of now, the technical parameters indicate bearish pressure in the upcoming trading days. The sentiments of traders and investors regarding the coin are bearish.

Technical Levels:

• The Nearest Support Zone is $0.658.
• The Nearest Resistance Zone is $0.918.
  

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.