Tezos Price Analysis: Inverted Flag Pattern Threatens XTZ to fall 26.6%
The Tezos(XTZ) price’s ongoing recovery rally shapes an inverted flag pattern. Furthermore, the technical setup foretells the coin price should eventually breach the bottom support trendline and continue the long-term downtrend. Therefore, the expected target for short-sellers could be the nearest target at $1.48.
Key points:
- The XTZ price retest the bottom support trendline
- The inverted flag fallout may sink XTZ price back to the May 12th low of $1.488
- The intraday trading volume in the Tezos coin is $199.7 Million, indicating a 13.95% loss.
Source- Tradingview
The XTZ/USDT technical chart reflects an overall downtrend that started in November 2021. The altcoin dropped to the $2.7 mark and consolidated above it for the first four-month of 2022. However, amid the recent May bloodbath, the coin holder lost this support as well and extended the downtrend by 45.8%
Furthermore, the XTZ price reached a low of $1.488 on May 12th, but it reverted immediately, responding to the high demand pressure. The coin chart shows a steady recovery since the past month, gaining 38% as its current value is at $2.06.
In addition, this bullish pullback reflects the formation of an inverted flag pattern in the daily time frame chart. This continuation pattern is expected to bolster the prevailing trend after a breakdown from the ascending support trendline.
If sellers succeed, the XTZ price will tumble 26.6% lower to the $1.48 mark.
Technical indicator
The Daily-RSI slope failure to sustain above the bullish territory indicates weakness in the bullish commitment. If the indicator remains below the midline, the possibility of pattern fallout increases.
The altcoin’s recent reversal from the 50-day EMA indicates the traders are responding to the EMA resistance. Moreover, the coin price currently moving below the other crucial EMAs(20, 50, 100, and 200) indicates the path to lease resistance is downward.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
