Tezos Price Analysis: XTZ Plummets To $1.26, Is There More Pain Ahead?

• While the rest of the industry surges, Tezos dropped by a total of 7% this week to reach $1.26.
• Against Bitcoin, the cryptocurrency continues to decrease as it fell below the 100-days EMA.
• Tezos has now dropped out of the top 10 projects as it is currently ranked in 14th position. 

Key Support & Resistance Levels

XTZ/USD

Support:  $1.29, $1.20, $1.15.

Resistance: $1.42, $1.64, $1.74, $1.80..

XTZ/BTC:

Support: 0.00016 BTC, 0.0001577 BTC, 0.000149 BTC.

Resistance: 0.00017 BTC, 0.00019 BTC, 0.00020 BTC.

XTZ/USD: Can The Bulls Defend The 100-Days EMA?

Tezos rebounded at the support provided by the $1.29 level but it failed to break above $1.35. As such, it slipped below. It now trades directly at support provided by the 100-days EMA which is further bolstered by a 2-month-old rising trend line.

If XTZ continues to drop beneath the 100-days EMA and the rising trend line, the market will certainly turn bearish. To turn bullish, it must rise and create a fresh high above the $1.50 level.

Tezos Short Term Price Prediction

If the sellers continue to push the market beneath the 100-days EMA, immediate support is located at $1.20 which is provided by the 200-days EMA. Beneath this, support can be found at $1.15 (.618 Fib Retracement), $1.10, and $1.00. Alternatively, if the bulls defend the 100-days EMA and climb higher, resistance is expected at $1.35 and $1.42. Above this, resistance is found at $1.50.

The RSI remains beneath the 50 level which shows that the bears control the market momentum. However, the Stochastic RSI has been extremely oversold for a long time now and is primed for a bullish crossover signal that could send this market much higher.

XTZ/BTC: Tezos Falls beneath 100-Days EMA.

Against BTC, Tezos struggled to break above the resistance at 0.000193 BTC which caused it to roll over and fall. It dropped beneath support at the .5 Fib Retracement and the 100-days EMA. and currently trades at a price of 0.00016 BTC but it looks like it could head lower.

Tezos is certainly in a bearish trading condition. For this market to be considered as neutral, Tezos must rise above the resistance at 0.0002 BTC.

Tezos Short Term Price Prediction

If the bears continue to push XTZ beneath 0.00016 BTC, immediate support beneath is located at 0.000157 BTC (downside 1.272 Fib Extension level). Beneath this, support is found at 0.000149 BTC (.618 Fib Retracement) and 0.000133 BTC (downside 1.618 Fib Extension).

The RSI is in extremely oversold conditions which shows that the sellers may be a little overstretched at this moment. Furthermore, the Stochastic RSI is also primed for a bullish crossover signal that should send the market higher.

The post Tezos Price Analysis: XTZ Plummets To $1.26, Is There More Pain Ahead? appeared first on CryptoPotato.