Tezos (XTZ) Price Movement Indicates Looming Price Drop
July 28 2022 - 06:37AM
NEWSBTC
Tezos seems to be heading south. As of this writing, XTZ trades at
$1.61 following a 3.10% boost in price seen overnight. XTZ’s
relative strength index and volume have declined and isn’t showing
any signs of bullish movement. As of press time, XTZ movement
ceases to be dubbed as an impulse wave. This means that Tezos is
now moving towards a back slide. Related Reading | BNB Basks In The
Green As Price Glows 5.84% In Fields Of Red Tezos Hints At Bearish
Movement The bearish streak has been obvious in Tezos price last
week with early signs that the coin’s price will have the tendency
to break through the ascending trendline. Tezos breaches the
support line on July 26. Currently, the price reveals an intra-hour
upturn following increased trading activity. XTZ volume is still
relative low plus the RSI isn’t giving away any bullish hints.
Meanwhile, the bearish thesis will only be dismissed once XTZ price
breaches the above $1.61. So, if the bulls’ impetus forcibly pushes
the Tezos price over this zone, then that’s the only time the price
can shoot to a high of $1.65; which is roughly a 7% jump from its
current price. To date, XTZ is trading around $1.60 following a
3.10% pump in price seen overnight. Even though XTZ price has
soared today, Tezos has still declined by 10.75% in the past few
days. Current CoinMarketCap data reveals that XTZ
remains to be the 37th largest cryptocurrency in terms of market
capitalization or just ahead of HBAR that happens to be in the 38th
place and behind SAND, currently in the 36th place. More so, the
24-hour trading volume outlook for XTZ still shows a drop of 30.94%
or $42,498,623. XTZ total market cap at $1.47 billion on the daily
chart | Source: TradingView.com XTZ Price Bound For A Major Retreat
XTZ Price is bound for a shrill drop targeting $1.19. A sharp
correction is on the horizon. Tezos has been very consistent with
showing its bearish junction since the last trading week of this
month. XTZ has failed to hold it at the $1.62 due to very low
buying pressure. So, if the coin price closes below $1.50, it will
target $1.55 next. XTZ price is seen to frame itself into a Flag
and Pole pattern which is inherently bearish. The coins is seen to
be fortifying close towards the $.70 resistance level. Related
Reading | Shiba Inu Whales Trading Volume Surges 640% As SHIB
Holds Critical Support Moreover, the XTZ price drifts under the
50-day EMA or Exponential Moving Average at $1.67. Additionally,
the drop in volume as the price pumps up serves as a warning for
the bulls. It has been tested time and again that the formation of
Flag and Pole pattern usually hints a sharp drop. On the hourly
charts, XTZ price has found a support close to $1.56. It formed the
Bat pattern which is bullish and points to a short-term inversion
apparent on the higher side. With that being said, the anticipated
upside target will be at $1.65 and then $1.70 next. On the flip
side, a slight shift in the bearish movement would mean the target
will be at $1.55. Featured image from Unsplash, chart from
TradingView.com
Tezos (COIN:XTZUSD)
Historical Stock Chart
From Nov 2023 to Dec 2023
Tezos (COIN:XTZUSD)
Historical Stock Chart
From Dec 2022 to Dec 2023