Tezos (XTZ) Price Movement Indicates Looming Price Drop

Christian Encila

2 years ago

3 mins read

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Tezos seems to be heading south. As of this writing, XTZ trades at $1.61 following a 3.10% boost in price seen overnight.

XTZ’s relative strength index and volume have declined and isn’t showing any signs of bullish movement.

As of press time, XTZ movement ceases to be dubbed as an impulse wave. This means that Tezos is now moving towards a back slide.

Tezos Hints At Bearish Movement

The bearish streak has been obvious in Tezos price last week with early signs that the coin’s price will have the tendency to break through the ascending trendline.

Tezos breaches the support line on July 26. Currently, the price reveals an intra-hour upturn following increased trading activity. XTZ volume is still relative low plus the RSI isn’t giving away any bullish hints.

Meanwhile, the bearish thesis will only be dismissed once XTZ price breaches the above $1.61. So, if the bulls’ impetus forcibly pushes the Tezos price over this zone, then that’s the only time the price can shoot to a high of $1.65; which is roughly a 7% jump from its current price.

To date, XTZ is trading around $1.60 following a 3.10% pump in price seen overnight. Even though XTZ price has soared today, Tezos has still declined by 10.75% in the past few days.

Current CoinMarketCap data reveals that XTZ remains to be the 37th largest cryptocurrency in terms of market capitalization or just ahead of HBAR that happens to be in the 38th place and behind SAND, currently in the 36th place.

More so, the 24-hour trading volume outlook for XTZ still shows a drop of 30.94% or $42,498,623.

XTZ total market cap at $1.47 billion on the daily chart | Source: TradingView.com

XTZ Price Bound For A Major Retreat

XTZ Price is bound for a shrill drop targeting $1.19. A sharp correction is on the horizon. Tezos has been very consistent with showing its bearish junction since the last trading week of this month.

XTZ has failed to hold it at the $1.62 due to very low buying pressure. So, if the coin price closes below $1.50, it will target $1.55 next.

XTZ price is seen to frame itself into a Flag and Pole pattern which is inherently bearish. The coins is seen to be fortifying close towards the $.70 resistance level.

Moreover, the XTZ price drifts under the 50-day EMA or Exponential Moving Average at $1.67. Additionally, the drop in volume as the price pumps up serves as a warning for the bulls. It has been tested time and again that the formation of Flag and Pole pattern usually hints a sharp drop.

On the hourly charts, XTZ price has found a support close to $1.56. It formed the Bat pattern which is bullish and points to a short-term inversion apparent on the higher side. With that being said, the anticipated upside target will be at $1.65 and then $1.70 next.

On the flip side, a slight shift in the bearish movement would mean the target will be at $1.55.

Featured image from Unsplash, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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