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Tezos price analysis: XTZ gets support above $5. Will it persist?

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  • The Tezos price analysis report shows a lack of momentum.
  • Support is still set at the $5.2 level.
  • Resistance is present at $5.88.

XTZ is receiving mixed market sentiment today. However, bulls have made a return on the price chart as a rise in price has been detected as per The Tezos price analysis. The situation has been favorable for the buyers as the price has been covering an upwards range today. The price function was in bulls’ control today after going through a decline for the past few days. The upward movement in price has resulted in it reaching near $5.18 in the last 24-hours. However, unfavorable circumstances have arisen again.

XTZ/USD 1-day price chart: Price floats above $5

The 1-day price chart for The Tezos price analysis shows chances are increasing for the buyers to secure their permanent lead as the price has increased today. In the past few days, a considerable level of depreciation in the coin’s value has been reported as the price has decreased notably. The losses have been considerable, but now a chance for recovery has arisen. The price has maintained its level above the moving average (MA) level, which is present at $5.07 for now.

Tezos price analysis: XTZ gets support above $5. Will it persist? 1

The price underwent a noticeable decline during the past few weeks, but today, the bulls have taken the initiative again. The Relative Strength Index (RSI) shows a slight upwards curve after being on a downslope for a few days. The RSI curve, however, still shows a lack of momentum, as the buying activity is slow. The Bollinger band indicator on the 1-day chart shows the following values; the upper limit is at the $5.84 mark, whereas the lower limit is at the$4.5 mark.

Tezos price analysis: Recent developments and further technical indications

The uptrend seen on the 1-day price chart has undergone reversal as a downturn in price has been observed during the last 12 hours. The bears have made a comeback again in the past few hours and have been degrading the coin value continuously. The cryptocurrency has been devalued back to $5.1 after the trends underwent a major shift recently.

Tezos price analysis: XTZ gets support above $5. Will it persist? 2
XTZ/USD 4-hours price chart. Source: TradingView

Now the bullish trend has been overturned. The volatility is still high as now the upper Bollinger band is at $5.62, and the lower Bollinger band is at $4.9. The RSI score is going down again as the RSI curve is slightly downwards now, and the indicator is present at index 50 as a result of the sudden downfall in price.

The general trend that has been observed during the past few days has been on the bearish side, as can be further confirmed from the technical indicators chart. There are two indicators occupying the buying position, 10 indicators are on the neutral position, and 14 indicators are on the selling position, out of a total of 26 technical indicators.

Tezos price analysis conclusion

The Tezos price analysis suggests the price is trading in the lower price envelope, and the bearish momentum has been gaining strength since the past few days, which has affected the coin’s value adversely. The recovery reported today is nominal, and the 4-hour chart shows unfavorable results. A drop in price happened in the last 12 hours, which means that the coming hours might prove more unfavorable for the cryptocurrency.

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