Tezos price analysis: XTZ bears ready to dump price after hidden bearish breakout
- Tezos coin breaks ascending parallel channel in intraday trading session.
- On the 4-hours price graph, buyers were barely holding XTZ price above the 200 DMA.
- After 30 Days, Daily RSI Indicator Slips Below Half-Line Again, Is It A Bearish Sign?
June was a good month for Tezos investors. After a terrible selloff, the bulls finally got active and pushed the XTZ coin to a 30-day high of $1.7. Since the beginning of July, the bulls have been managing costs inside an upward parallel channel on the daily price chart.
For a short-term perspective, the $1.6 to $1.7 area has become a hedge against the bears. The bulls continue to receive two rejections near this resistance zone in the last 30 days. The bull market needs to accumulate more altcoins near this bullish hurdle.
For the past several days, the bulls were managing the XTZ coin inside an ascending triangle pattern. Despite the upward movement, the bears made a sell attempt and were successful in this. As a result, XTZ price broke a bullish channel in an intraday trading session.
Meanwhile, at the time of writing, the Tezos coin was trading at the $1.52 mark, which was below the 20-day EMA. In the midst of a trend reversal, the bulls prevent themselves from moving above the 200 day moving average (red). Hence if the coin again moves below the current levels then a retest of the demand zone may happen soon.
On the daily price chart, XTZ price is seen above the 20 DMA. According to CMC’s data for the last 24 hours, the market capitalization has fallen by 8.5% to $ 1.3 billion. Furthermore, the bookies witnessed a highly volatile session last night.
How will the buyer drives up the price of XTZ
ADX continues to decline lower, suggesting a bearish trend for the XTZ coin. Similarly, after 30 days, the daily RSI indicator is again falling below the halfway mark, and is approaching the uptrend line (blue).
According to the RSI, buyers are likely to see further downside if Tezos price slides below the 20-day moving average in terms of the daily price chart. However, a bearish breakout occurred, so any minor downside could take the price towards the $1.0-support.
Support level- $1.3 and $1.
Resistance level – $1.7 and $2.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.