TEZOS Price Analysis: XTZ Refreshes One-Week Low; Is $1.45 In Offer?

Tron price breaks the previous week’s consolidation and edges lower. A weak start could lead to further losses. Broader weakness in the crypto market drags all the majors lower. BTC is trading lower at $21,880 with 3% losses, while ETH fell 5% at $1,525.

The technical indicator appeared to be in favor of the bears this time. As of press time,  XTZ/USD is exchanging hands at $1.58, down 5.15% for the day. The 24-hour trading volume is rising at $246,902,301 with 45% gains. A rise in volume with a fall in price could be a concern for the bulls.

• XTZ price extends the decline as the fresh trading week begins.
• The price is not able to sustain the $1.60 level as a lack of buying momentum emerges.
• A daily close below $1.50 would pave the way for $1.45 next.

XTZ price moves south

On the daily chart, the XTZ price has formed a bearish ‘Flag and Pole ‘pattern. The price is consolidating near the support-turned-resistance level around the $1.70 mark.

Further, the price hovers below the critical 50-day Exponential Moving Average (EMA) for the past few sessions at $1.67. In addition to that, the declining volume as the price rises is another warning signal for the bulls.

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As per the technical analysis assumption, history repeats itself. The previous formation of the bearish Flag and pole pattern results in a sharp decline in the prices Now, a lower breakout of the Flag & Pole pattern could intensify the selling toward $1.50.

On the hourly time frame, the price found reliable support at around $1.56. The asset formed a bullish Bat pattern, indicating a short-term reversal on the higher side. In that case, the expected upside target would be $1.65  followed by $1.70.

On the other hand, a shift in the bearish sentiment could see $1.55. Next, the market participant would expect a fall up to $1.45.

Conclusion

XTZ is highly bearish on the daily chart. However, some corrective pullback is expected in a shorter time frame. We advised a ‘Sell on Rising’ opportunity with strict stop loss.