|

Tezos price drops 10% and needs to hold crucial level to resume uptrend

  • Tezos price is up by 44% since January 2 and has peaked at $2.8.
  • The digital asset plummeted in the past 12 hours, losing more than 10% of its value.

Tezos had a massive breakout on January 2 after trading sideways for weeks. The digital asset peaked at $2.8 on January 7 before plummeting down to $2.46, the current price. Bulls need to defend a crucial support level to avoid further downside action.

Tezos must defend $2.25 to resume uptrend and avoid crashing

The 10% loss in the past 12 hours should be considered healthy given the magnitude of the previous run. Now, the digital asset is dropping faster towards a significant support level on the 12-hour chart.

xtz price

 XTZ/USD 12-hour chart

On the 12-hour chart, the most important support level is the 26-EMA which is located at $2.25. Tezos price is quickly dropping towards it and bulls need to defend it at all costs to resume the uptrend and aim for a higher high above $2.8.  

xtz price

XTZ/USD daily chart

However, on the daily chart, this rejection is really significant as it seems Tezos has potentially established a triple top at $2.74. This can be a deadly pattern with the ability to push Tezos price down to $2 in the short-term.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.