Tezos Price Analysis: XTZ Plunge -2.78%, How Low Will It Drop?


  • Support for the bears has been established at $1.28
  • 24-hour trading volume for Tezos is hovering at $17,420,468.00.
  • XTZ/USD pair trading below EMA(20).
  • Tezos(XTZ) records downward movement today.

07 December 2022 : In this article we will walk you through Tezos price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Tezos, Is XTZ a good investment? Tezos support & resistance levels etc. But before diving deep into the XTZ technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $839,333,321,305. The total trading volume stands at $38,626,476,421. Bitcoin shares 38.54 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,823.75 level after a decline of -1.02%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.21 percent reaching to $1,227.55 during the previous 24 hours.
While publishing this blog, BNB traded at $283.55, following a price change of -1.87%within the same time frame. XRP the native coin of XRP is down by -2.02 and currently trading at $0.38. Additionally, Dogecoin reached $0.095 after seeing a decline of -4.19% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Tezos Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Tezos (XTZ)

XTZ Resistance Levels XTZ Support Levels
Resistance Level 1 $1.45 Support Level 1 $1.28
Resistance Level 2 $1.53 Support Level 2 $1.18
Resistance Level 3 $1.63 Support Level 3 $1.10

Tezos Performance

The current Tezos price is $0.98, with a trading volume of $17,420,468.00 in the past 24-hours. Currently, XTZ is down by -2.78% since yesterday with a market capitalization of $900,731,174.00 USD.

Tezos Price Analysis

XTZ price analysis for 07 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Tezos.

Moving Averages Price Indicator
Simple Moving Average (10) 1.37 Sell
Exponential Moving Average (10) 1.38 Sell
Simple Moving Average (20) 1.40 Sell
Exponential Moving Average (20) 1.40 Sell
Simple Moving Average (50) 1.47 Sell
Exponential Moving Average (50) 1.47 Sell

The Tezos has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take XTZ price below the crucial support level of $1.28. The XTZ/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While XTZ’s Williams %R indicator is at -34.343 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the XTZ coin is near oversold zone, as RSI is at 37.

Conclusions

As of now, Tezos is not doing well and is trading in reddish zone. In order to invest in the digital currency, crypto investors want to see the XTZ move into the positive zone. In 2022 and beyond, the Tezos price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.