Tezos price analysis reveals that the digital asset is currently in a bearish extension after it found resistance at $1.59. The bulls had attempted to push prices higher but failed as the market found support at $1.52, and if the market breaks below this level, it is likely to head towards $1.30. On the other hand, if the bulls can push prices above $1.59, the market is likely to head towards $2.00. The bears are currently in control of the market, and a further decline is expected.
Tezos price analysis has been declining, for the past few hours, as it found resistance at $1.59. The cryptocurrency has a market trading volume which is at $48,137,581, with a market capitalization of $ 1,424,250,007. The digital asset is currently trading at $1.57 at the time of writing, which is a 0.77% decline in the last 24 hours.
XTZ/USD 1-day price chart: Bears mount pressure on XTZ prices
The 1-day Tezos price analysis shows that the XTZ/USD has been on a downtrend last 24 hours. The next few hours of trading are crucial for the market as the market is expected to make a move in either direction. Bulls might try to push prices above $1.59 while bears will look to extend the decline and take prices below $1.52.
The RSI indicator is currently at 47.37 and is signaling a bearish extension in the market as it heads towards the oversold territory. The 50 SMA is currently at $1.57 and is heading towards the 200 SMA which is located at $1.50. This indicates that the market is bearish and will most likely continue to head lower in the next few hours. The Moving average indicator is currently in the bearish crossover which is a further indication that the market is likely to head lower.
XTZ/USD 4-hour price analysis: Recent development and further technical indications
The 4-hour Tezos price analysis reveals that the market has made higher lows and higher highs which is indicative of a bullish trend. The Tezos price analysis is currently trading below the Moving average indicator which is a bearish sign. The 50 MA is currently located at $1.58 while the 200 MA is located at $1.53. This indicates that the market is bearish and is likely to head lower in the next few hours.
The RSI indicator is currently at 47.50 on the 4-hour timeframe and is currently below the 50 level which is a bearish sign. The 50 SMA is currently located at $1.52 which acts as a strong support level for prices. while the 200 SMA is located at $1.59 which acts as a strong resistance level.
Tezos price analysis conclusion
Tezos price analysis is in a bearish trend as market sentiment remains negative. Prices may continue to fall in the near term as market sentiment remains bearish. The technical indicators show that prices have further fallen as the market is in a bearish trend. Investors are advised to wait for the market to find a bottom before making any long-term investments.
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