AltcoinsCryptocurrencyDecentralized Finance (DeFi)NFTPrice Analysis

Tezos (XTZ): What Next After Dropping 23% This Week?

  • Tezos price explored higher value areas following minor upticks.
  • Nevertheless, the altcoin lost over 23% over the week.
  • A daily candle closing beneath $1.60 will trigger further plunges.

Tezos price outlook displays corrective pullbacks. XTZ price saw near-term upside until 17 August. Meanwhile, the alternative token plummeted since creating a double top at $2.06, losing more than 23%.

While writing this blog, XTZ/USD traded at $1.06, gaining 1.74% within the past day. Also, the token’s trading volume declined by over 36% to $38,417,084 (Coinmarketcap data).

Tezos Price Moves with Caution

The weekly chart shows prices hit the $9.2 highs after testing $2.10 lows. That shows the alternative token gained over 350%. Nevertheless, the 16 May sessions saw the price breaching the nearly 2-year support at $2.0. moreover, XTZ closed beneath this mark on its weekly chart before kick-starting plunges toward $1.22.

This week saw prices testing $2.0 again but failed to maintain the upside. Bulls encounter massive selling momentum around the mark, which once functioned as support. The altcoin faces resistance at the 20-day EMA and the 61.8% FIB retracement, which will serve as the nearest resistance this week.

Meanwhile, prices closing beneath $1.50 on the 7-day chart would mean surged possibilities of declines to retest the latest swing low at $1.2 – $1.4. Meanwhile, the 24hr chart shows XTZ lately printed a bearish Flag & pole setup. That indicated weakness for the altcoin, plus a decisive breach of the 50-day EMA.

XTZ saw its price breaking the setup’s support before triggering a pessimistic breakdown. The volumes maintained declines as XTZ prices increased, translating to worry for Tezos bulls. Rising markets with declining volumes show massive wallets not buying, probably exciting gradually.

This pattern shows XTZ prices might plunge towards the $1.33 mark. Meanwhile, analysts use the FIB extension indicator to plot possible targets for the Flag Pattern, giving over 70% accurate aims. The closest support stands at the swing low near $1.51, while the altcoin would meet immediate resistance at $1.70.

Prices have a higher chance of breaching the support mark. Market participants might resort to a ‘sell on rising’ opportunity. Meanwhile, sustained buying momentum beyond $1.72 might cancel the bearish case. That would see prices surging towards $1.90.

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