TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Tezos price shows severe signs of a potential pullback towards $1.7

  • Tezos price is bounded inside a descending wedge on the daily chart.
  • Several indicators have turned bearish for XTZ showing it’s poised for a pullback.
Tezos price shows severe signs of a potential pullback towards $1.7
Lorenzo StroeLorenzo StroeIndependent Analyst

Tezos has been trading inside a descending wedge on the daily chart since June 2020. Unlike other cryptocurrencies, Tezos hit its 2020-high of $4.49 on August 13 and has been consolidating since then. 

Tezos price faces strong selling pressure in the short-term

XTZ price is not close to a breakout or breakdown of the descending wedge formed on the daily chart. However, the bulls have lost the 100-SMA and 50-SMA support levels as Tezos price is trading in the middle of the pattern.

xtz price

XTZ/USD daily chart

The bears seem to have the upper hand after Tezos lost both moving averages. The potential price target would be the lower trendline of the descending wedge at around $1.7 in the mid-term. 

xtz price

XTZ/USD 12-hour chart

However, on the 12-hour chart, the TD Sequential indicator seems to be on the verge of presenting a buy signal – in the form of a red nine candlestick – within the next 10 hours. If bulls can recover the 50-SMA and the 100-SMA as support levels on the daily chart, they could quickly push Tezos price towards the upper trendline of the descending wedge at $2.6.

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 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 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

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 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 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.