TEZOS Price Analysis: XTZ Refreshes One-Week Low; Is $1.45 In Offer?
Tron price breaks the previous week’s consolidation and edges lower. A weak start could lead to further losses. Broader weakness in the crypto market drags all the majors lower. BTC is trading lower at $21,880 with 3% losses, while ETH fell 5% at $1,525.
The technical indicator appeared to be in favor of the bears this time. As of press time, XTZ/USD is exchanging hands at $1.58, down 5.15% for the day. The 24-hour trading volume is rising at $246,902,301 with 45% gains. A rise in volume with a fall in price could be a concern for the bulls.
- XTZ price extends the decline as the fresh trading week begins.
- The price is not able to sustain the $1.60 level as a lack of buying momentum emerges.
- A daily close below $1.50 would pave the way for $1.45 next.
XTZ price moves south
On the daily chart, the XTZ price has formed a bearish ‘Flag and Pole ‘pattern. The price is consolidating near the support-turned-resistance level around the $1.70 mark.
Further, the price hovers below the critical 50-day Exponential Moving Average (EMA) for the past few sessions at $1.67. In addition to that, the declining volume as the price rises is another warning signal for the bulls.
As per the technical analysis assumption, history repeats itself. The previous formation of the bearish Flag and pole pattern results in a sharp decline in the prices Now, a lower breakout of the Flag & Pole pattern could intensify the selling toward $1.50.
On the hourly time frame, the price found reliable support at around $1.56. The asset formed a bullish Bat pattern, indicating a short-term reversal on the higher side. In that case, the expected upside target would be $1.65 followed by $1.70.
On the other hand, a shift in the bearish sentiment could see $1.55. Next, the market participant would expect a fall up to $1.45.
Conclusion
XTZ is highly bearish on the daily chart. However, some corrective pullback is expected in a shorter time frame. We advised a ‘Sell on Rising’ opportunity with strict stop loss.
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