Tezos (XTZ) Coin Price Prediction: Are Bears Still in Control?

• XTZ price has gained around 7.78% in the last 23 days.
• Tezos organized various live sessions to discuss the queries relevant to its coin. 

Tezos (XTZ) is a blockchain-backed smart contract. It aims to offer an advanced infrastructure that evolves and improves over time without being in danger of a hard fork. It uses the blockchain network to exchange and transfer data privately.

Tezos (XTZ) Coin Price Analysis

Tezos price is down by 0.44% in the last 24 hours and is trading at $0.678 with a volume of $14,723,912. The coin’s market capitalization is $648,999,315 and it has a circulating supply of 955,004,593 XTZ coins.

1-day Chart Analysis of Tezos (XTZ) coin

In the 1-day timeframe, XTZ price is trading inside a falling parallel channel. The coin’s price is sustaining below the $0.710 level after giving the breakdown of this level, which is currently acting as a resistance level. 

In the last 23 trading sessions, the price has gained around 7.78% and is moving up, testing the $0.710 level repeatedly. The price is currently forming higher highs and lows while rising.

The 100 and 200 EMA lines are above the price, indicating the sellers’ dominance over the price. In upcoming trading sessions, the price could retest the 100 EMA line.

The relative strength index (RSI) is at 51.44 which is marked as a neutral territory. The RSI has taken support from the 50-RSI level and is sustaining above it. This indicates that the price is facing pressure from both buyers and sellers at the current level. 

The XTZ price is sustaining above the $0.638 level and is seen moving in a range between $0.630 to $0.710. As the crypto leaders Bitcoin and Ethereum are moving with bullish momentum, they are affecting the price of other crypto coins. If a sharp rise in price occurs in Bitcoin or Ethereum, a sharp rise is also expected in the XTZ price. If this happens and the price breaks above the $0.710 level then it may rise to its next resistance at $0.840.

However, if the price breaks below the $0.630 level then it may continue its fall to its next possible support at $0.500.

Conclusion

The overall trend of the XTZ price is bearish. The price is currently trading inside a range of $0.630 to $0.710. If the price closes above the $0.710 then it may rise to its next resistance at $0.840. However, for the price to continue its long-term bearish trend it must close below the $0.630 level. Then it may fall to its next possible support level at $0.500.

Technical levels

Resistance Levels: $0.710  and $0.840.

Support Levels: $0.630 and $0.500.

Disclaimer

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