- Tezos price outlook reveals downtrends
- XTZ has support at the $1.42 mark
- Meanwhile, the altcoin faces resistance near $1.49
Tezos price outlook reveals a bearish bias as the altcoin consolidated beneath the $1 mark within the past few days as the broad crypto market exhibits a bearish stance. XTZ price outlook shows the altcoin has support at the $1.42 mark, whereas the significant resistance stands at $1.49.
Tezos has had its action at $1.23 – $1.49 within the last few days, changing hands near $1.47 during this publication. Meantime, the alt encounters resistance at $1.49, and a break past this hurdle will mean a bullish signal.
Nevertheless, failure to breach the obstacle will translate to more dip towards the support at $1.42. Tezos has its market cap near $1,330,445,949, with $27,760,750 daily trading volume.
Tezos 1Day Timeframe: Bears Drag XTZ Price Under $1.47
The one-day chart shows Tezos’ price endured downtrends within the past day, dropping from $1.49 to $1.47. That comes amid a swift bearish slump as bulls propelled the altcoin higher during yesterday’s sessions.
The daily chart shows the MA at $1.48, serving as a substantial resistance mark for XTZ/USD prices. The moving average highlights bearishness, with the 20-day moving average standing under the 50-day moving average. That suggests a pessimistic market trend.
The volatility increases again as the BB expanded within the last 24hrs. The RSI stands at 47.31, highlighting some bullishness as the XTZ market is yet to exhibit oversold situations.
Tezos 4Hr Timeframe – XTZ/USD in Bearish Trend
The 4hr chart shows Tezos’ price endured downtrends within the past four hours as market-wide bearishness printed a descending channel setup.
Meantime, the altcoin trades at the descending channel’s lower end while encountering resistance at $1.49. Breaking this mark would mean invalidating the descending channel setup, welcoming a bullish signal.
The upper BB stands at $1.51, whereas the lower one hovers at $1.45. That suggests high volatility within the market as prices waver between these zones. The RSI stands at 38.14, confirming oversold indications and possible bullishness as XTZ could rebound from this territory.
Final Thought
Tezos price depicts bearish trends, and market players can expect further declines in the coming sessions. Bulls’ attempt to push prices higher failed as XTZ secured support near the $1.42 mark. Meantime, investors remain on the sidelines, with bears dominating the space.
Editorial credit: Piotr Swat / shutterstock.com
