Tezos price analysis: XTZ shows consistency at $3.1

TL;DR Breakdown

• Tezos price analysis is bearish today.
• The strongest resistance is present at $4.1.
• The strongest support is present at $3.

The Tezos price analysis is bearish as the cryptocurrency has experienced a crash in the past few days. Bears have engulfed the market, and the coin value fell from $3.4 on March 4, 2022, and capped at $3; bears continue to rule the market today; however, a price increase is imminent. The market has shown bearish dynamics. The price for XTZ is currently available at $3.1, struggling with just the $3.2 mark.

XTZ has been down 4.93% in the last 24 hours, with a daily trading volume of $122,917,992 and a live market cap of $2,755,467,828. XTZ ranks #45 on the CoinMarketCap ranking.

XTZ/USD 4-hour price analysis: Recent developments

The Tezos price analysis revealed that the market volatility is increasing, making the XTZ/USD prices subject to change are less likely to experience the difference. The upper band value of Bollinger’s band is available at $3.6, which serves as the strongest resistance for XTZ. Conversely, the lower limit of the Bollinger’s band is present at $3, which serves as the strongest support for XTZ.

The XTZ/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish trend. On the other hand, the XTZ/USD price path appears to be moving upwards, signifying an increasing market with further possibilities of increasing movement.

The Relative Strength Index (RSI) score is 39, signifying that the cryptocurrency falls on the undervalued extreme. This is because the buying activity exceeds the selling activity. As a result, we can see the RSI score following an upwards movement.

Tezos price analysis for 1-day: Market closes

The Tezos price analysis for one day reveals the market volatility follows a decreasing trend signifying that the price is less prone to experience variable change as the volatility fluctuates more. The upper limit value of the Bollinger’s band is present at $4.1, which serves as the strongest resistance for XTZ. Conversely, the lower limit value of the Bollinger’s band is available at $2.7, which acts as the strongest support for XTZ.

The XTZ/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. The market trend has been fluctuating daily, but the market has decided on bearish. The XTZ/USD price path appears to be moving downwards, which signifies that the market may soon undergo a breakout, resulting in a reverse trend.

The Relative Strength Index (RSI) score is 41, showing a stable value falling neither undervalued nor overbought, falling in the lower neutral region. The RSI path appears to be following an inclining trend which may indicate a future increment in the value of XTZ while moving towards stability. The RSI score seems to be increasing due to the buying activity slightly outweighing the selling activity.

Tezos Price Analysis Conclusion

Careful observations from the Tezos price analysis can deduce that the price level is still under bearish dominance. Still, a reverse trend is highly likely as the bulls have recovered some of the losses in the past few days. Although the price remains in bearish dominion, there is hope that XTZ will soon recover as the bulls get ready to counter the bears to reclaim the market. Better days are coming for Tezos.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

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• Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-03-05/