Bearish Continuation Still Not Confirmed For XTZ On weekly Chart

CoinMarketCap has ranked Tezos (XTZ) in the 42nd position on its list in terms of market cap. This puts XTZ right behind Theta Network (THETA) in the 41st position and in front of PancakeSwap (CAKE) in the 43rd position.

At the time of writing, the price of XTZ stands at $2.55. This translates to 0.00006569 BTC or 0.0009017 ETH. XTZ’s price saw a 0.13% drop in the last 24 hours and a 9.97% drop over the last seven days. Throughout the last day, XTZ’s highest price was $2.58, while over the last month, XTZ’s highest price reached $3.93.

When looking at market cap, XTZ currently stands at $2,251,001,503. TXZ also saw a $56 million XTZ trading volume over the last 24 hours. This is 31.64% less than it was in the previous 24 hours.

The 50 EMA and 100 EMA are starting to close in on each other on the weekly chart for XTZ/USDT. This could be a very early sign of the continuation of the current bear trend. Since it’s the 50 and 100 EMA, we could see the downwards continuation last for quite some time.

One thing to keep in mind is that the last 2 occurrences of XTZ’s price being this low were all followed by a bullish rally upwards on the daily chart. However, past movement is not indicative of future price movement. It’s also important to note that the 50 EMA is currently above the 100 EMA.

This either means that the price fall will continue should the two EMAs cross, or we could see a rally begin to build momentum if the EMAs maintain their current position relative to each other.