Tezos Price Prediction: Investors should take this signal serious as bears flex control
- Tezos price has ascended on relatively low volume.
- XTZ price has breached through an ascending trend line that held support throughout the summer.
- Invalidation of the bearish thesis is a closing candle above $2.03.
Tezos price shows concerning signals that investors should be aware of.
XTZ price is poised for pain
Tezos price displays a change-of-hands as the uptrend hike since June 18 has come to a screeching halt. An ascending trend line that has consistently provided support for the XTZ price has officially been conquered by the bulls as a 3-day bearish engulfing candle settled below it at $1.57. Additionally, the newfound bearish engulfing candle is now the largest 3-day candlestick within the entire summertime rally.
Tezos’ XTZ price currently auctions at $1.63 under very minute levels of trading volume. Retail traders are likely looking to latch on to the newfound bearish influence in hopes of making a quick day trade scalp. Traders looking to join the bearish trend should wait for a classic retest and rejection signal of the breached trendline before jumping into the market.
Bearish targets lie at $1.20 for a further 25% decline.
XTZ/USDT 3-Day Chart
Invalidation of the downtrend scenario is a closing candle above $2.03. If the bulls can accomplish this hurdle, they could re-route north, targeting $2.30 in the short term. Said price action would result in a 40% increase from the current Tezos price.
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Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
