#Tezos Drops to Multi-Year Support Line, resistance $0.911
Past Performance of Tezos
It has been a tough year for Tezos, considering how price action has been panning out. As an illustration, XTZ prices are down 91 percent from peaks and presently trading at the October 2019 support. Any loss from the spot rate could see the coin tumble to register multi-year lows, cementing bears' grip on the current trend.
#Tezos Technical Analysis
XTZ bears are squarely in control from a top-down analysis. Even though there are flashes of strength, the coin is tethering close to registering new multi-year lows. Oscillating at October 2019 support at $0.76, Tezos bears are in control. However, in the weekly chart, there are hints of rejection of lower prices. The result is a long lower wick, pointing to strength. In the daily chart, there is a bullish bar following the gains of December 20. Still, buyers are yet to reverse the losses of December 19. XTZ is within a bear breakout formation, with December 16 and 19 defining the current trajectory. Aggressive traders can unload on every attempt higher as long as prices are below $0.911. The immediate target lies at $0.75. This preview will be null if XTZ rallies above $0.911 and, ideally, $1.04.
What to Expect from #XTZ?
Tezos bear bars band along the lower BB, indicating strong selling pressure. With sellers in charge from a volume analysis perspective, traders can liquidate as long as prices are inside the December 16 and 19 bear bars.
Resistance level to watch out for: $0.911
Support level to watch out for: $0.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
It has been a tough year for Tezos, considering how price action has been panning out. As an illustration, XTZ prices are down 91 percent from peaks and presently trading at the October 2019 support. Any loss from the spot rate could see the coin tumble to register multi-year lows, cementing bears' grip on the current trend.
#Tezos Technical Analysis
XTZ bears are squarely in control from a top-down analysis. Even though there are flashes of strength, the coin is tethering close to registering new multi-year lows. Oscillating at October 2019 support at $0.76, Tezos bears are in control. However, in the weekly chart, there are hints of rejection of lower prices. The result is a long lower wick, pointing to strength. In the daily chart, there is a bullish bar following the gains of December 20. Still, buyers are yet to reverse the losses of December 19. XTZ is within a bear breakout formation, with December 16 and 19 defining the current trajectory. Aggressive traders can unload on every attempt higher as long as prices are below $0.911. The immediate target lies at $0.75. This preview will be null if XTZ rallies above $0.911 and, ideally, $1.04.
What to Expect from #XTZ?
Tezos bear bars band along the lower BB, indicating strong selling pressure. With sellers in charge from a volume analysis perspective, traders can liquidate as long as prices are inside the December 16 and 19 bear bars.
Resistance level to watch out for: $0.911
Support level to watch out for: $0.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
