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.
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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.
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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
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