Tezos price analysis reveals that the digital asset is currently in a bearish extension after it found resistance at $1.64. The bears are currently in control of the market, and a further decline is expected. Support for XTZ prices is seen at $1.41, and if the market breaks below this level, it will likely reach $1.00.On the other hand, if the bulls can push prices above $1.64, the market is likely to head towards $1.82.
The cryptocurrency has a market trading volume which is at $ 24,426,100, with a market capitalization of $ 1,301,087,755. The digital asset is currently trading at $1.43, with a 1.43% decline in the last 24 hours.
Tezos price analysis 1-day price chart: Bears mount pressure on XTZ prices
The 1-day Tezos price analysis shows that the XTZ/USD has been on a downtrend last 24 hours. The next few hours of trading are crucial for the market as the market is expected to make a move in either direction. The RSI indicator is currently at 44.27, and it is indicating that the market is in the bearish territory as the RSI indicator is below the 50-level.
XTZ/USD 1-day price chart. Source: TradingView
The moving average value in the 1-day chart is currently at the $1.43 level. The Bollinger bands indicators also hold vital importance in informing us about the current market trends. Its upper band is showing the value at $1.64 while its lower band is showing $1.41, representing the resistance and support, respectively.
XTZ/USD 4-hour price analysis: Recent development and further technical indications
The 4-hour Tezos price analysis reveals that the market has been on a downtrend in the last 4 hours. The market is currently trading at $1.43 and is expected to make a move in either direction in the next few hours. The prices are in a declining trendline as well, which further confirms that the market is in a bearish trend with the increased red bars of the candlesticks which affirms the strong bearish spree.
XTZ/USD 4-hours price chart. Source: TradingView
The bearish momentum is to intensify in the upcoming hours, as the moving average (MA) is also at a greater height as compared to the current price, i.e., $1.44. Also, the Bollinger bands values in the 4-hour price chart are as follows; the upper Bollinger band is at $1.63, whereas the lower Bollinger band is at $1.43, respectively. The volatility is gradually increasing, and the RSI score has faced a decline as well because of the ongoing bearish trend and has lowered to an index of 42.49.
Tezos price analysis conclusion
The price experienced a drop today as it has been confirmed from the one-day and four hours Tezos price analysis. Although the market is currently in a bearish trend, it is possible for the bulls to take back control and push prices higher. However, this is unlikely to happen in the near term as the market indicators all suggest further downside potential.