Tezos (XTZ) Consolidates Beneath $2.50 As Bears Dominate - 27-5-22 News

Tezos (XTZ) Consolidates Beneath $2.50 As Bears Dominate - 27-5-22 News
2 min read
13 November 2022

Briefly

  • Tezos price outlook unveils downside trends.
  • XTZ has a support floor at $1.7.
  • Tezos prices face resistance near $2.0.

Tezos price outlook shows the altcoin on pessimistic tendencies. XTZ has had its price consolidating beneath $2.50 within the past couple of days as bears dominated the crypto world. For now, Tezos has its closest support at the $1.70 mark. On the other hand, the resistance level stood at $2.

XTZ has had its price oscillations within the $1.77 - $20 range within the past couple of days. For now, the alternative token encounters resistance at $2. Overcoming this level would translate to bullish actions. On the other hand, failure to topple $2 might welcome further downtrends. Meanwhile, the global crypto market has seen bearishness lately, weighing on Tezos prices.

24Hr Timeframe – Bears Underpin XTZ Beneath $2

For now, XTZ/USD trade is near $1.78, and bears remain in control of the market. The alt has declined within the past couple of days, and bears seem prepared for more bloodbath. The trading volume remains low, indicating inactive actions in the marketplace. Meanwhile, the Relative Strength Index hovers at 30, confirming oversold market conditions. Bulls need intense steam to rescue the market.

The Moving Average Convergence Divergence stays in the bearish region, confirming bearishness. Only a move by $2 can see bulls liberating the market from the bears. XTZ has its primary supports at $1.70, $1.60, and then $1.50. On the other hand, resistances stood at $2, $2.1, and $2.2. The Bollinger bands show increased volatility as they widen.

4Hr Timeframe – Tezos Drops Below

The 4hr chart shows bulls fought to save the market from bears. XTZ plunged beneath $20, and bulls seem to lose the battle. The Relative Strength Index confirms oversold conditions at 40. Also, the MACD stays in the negative territory. Nevertheless, the market witnessed some volatility, challenging to predict the next price move. The BB shows heightened volatility.

Final Thought

Tezos price outlook shows the market attempting to come back from a massive plunge. Nevertheless, bears dominated as XTZ failed to break past $2. The market will likely exhibit near-term volatility, making it challenging to predict the next move.

We will be here to update you. Stay tuned.

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Edward Bail 2
Joined: 1 year ago
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