- Tezos price outlook reveals a bearish outlook.
- XTZ has steady support at $2.8.
- Tezos currently trades at $3.00.
Tezos price outlook unveils a bearish sentiment today. That comes after XTZ touched the $3.17 intraday high. The resulting downswing dragged the alt towards $3 and currently hovers inside a descending channel. Meanwhile, the crypto could extend the lows towards the support of $2.8 in the coming 24 hours. For now, Tezos encounters a massive resistance near $3.2.
XTZ has recorded remarkable performance over the past couple of days, exploring the ATH at $3.78. However, the leg-up was short-lived as the alt has since dropped to the $3.00 mark, the current trading zone. The token’s sentiment switched to bearish as Tezos created a descending channel. Meanwhile, the alt’s trading volume has surged over the previous day, suggesting potential downtrends in the up-and-coming sessions.
Bears Pressure Tezos Prices: 1-day Timeframe
The Relative Strength Index (RSI) maintains a downside slope at 46.65, indicating increasing bearish sentiment for the Tezos marketplace. Also, the Moving Average Convergence Divergence remains pessimistic, with the signal line sloping beyond the MACD line. Moreover, Bollinger Bands are widening, reflecting surged volatility.
Also read:The coming few trading hours remain crucial for Tezos as breakouts from the descending channel may witness XTZ testing the $3.2 resistance. Nevertheless, breaking beneath the $2.8 foothold could have the alt retesting the support near $2.6 in the coming 24 hours.
4Hr Timeframe: Descending Channel Pattern
Corrections from the $3.17 intraday highs have XTZ trading near $3.00. Furthermore, the alternative token trades inside a descending channel. Bearishness might witness Tezos retesting the barrier near $2.8 in the next 24 hours. XTZ faces a critical resistance near $3.2. Moreover, Bollinger bands appear to converge, suggesting reduced volatility.
The 4hr chart reflects bearishness as Tezos printed a descending channel. FIB retracement suggests that XTZ lost 50% of the previous optimistic move from $2.31 to the highs around $3.78. Also, the MACD and RSI display bearish actions.
Final Thought
Tezos (XTZ) exhibits negative sentiment as the alt retracement from the $3.78 ATHs to $3.00. Moreover, the altcoin hovers inside a descending channel. Breaking the foothold near $2.8 could have XTZ retesting the $2.6 foothold over the coming 24 hours. On the other side, overpowering the descending channel may see XTZ testing the $3.2 resistance.
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