- XTZ/USD’s double-top pattern has come into play
- A breakdown to the $2.4 area is imminent for Tezos
- Tezos price is trading at $2.77 at press time
Tezos News Today – it is no secret that Tezos has become one of the most active crypto protocols in the digital asset market currently. Tezos claims to offer investors an alternative to XRP. The Latter has continued to underperform compared to the other assets in the top three.
A look at the daily chart shows that the price of Tezos is currently facing an impact from a double-top pattern. This pattern has put Tezos under pressure in short-term support areas at $2.70 and $2.60 respectively. The XTZ/USD technical picture indicates that Tezos is facing a further breakdown. Such an outcome can only happen if the support trendline is broken. Let’s see more analysis of Tezos over the last 24-hours.
Tezos Price is Trading at $2.77 at Press Time
The price of Tezos is reportedly trading at the $2.77 area as of when this content was published. Tezos’ downward price movement from the above barrier is seating at $2.90. This position is an expected reversal after the coin managed to complete the formation of a double-top trend line. The pattern is typically used as a signal for reversals following a continued bullish movement.
Note that, even though it isn’t always accurate in issuing predictions for the direction of the price of Tezos, it is typically used along with other technical indicators. It is used with RSI and the coins’ moving averages. Meanwhile, the price of Tezos is dancing in between the 50-day Simple Moving Average via the 1-hour chart and the 100-day Simple Moving Average. The slide under the $2.90 price position has seen sellers’ gain more confidence.
If Tezos Breaks its Ascending Channel it Could Spiral to $2.40
If the XTZ/USD pair breaks beneath the ascending channel resistance, then there will be a big chance that the coins’ price would move further to its primary support point at $2.40. Tezos’ prevailing technical picture is still showing bearish. Take an example, the RSI (Relative Strength Index) is grinding closer and closer to the average. This started after the digital asset faced a recent rejection in the overbought area.
If the above-mentioned price trend remains in play (currently bearish), then we can anticipate more losses for the price of Tezos. There are still some tight positions of interest that traders can pursue. These areas of interest for the bulls are the 50-day Simple Moving Average, and the $2.70, $2.60, and $2.50 price positions respectively. Tezos price is currently 3.33% down on the day at its current position ($2.77).