Price Analysis

Tezos Price Analysis: Tezos (XTZ) Still Lacking Good Support Levels

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2019 will be a year of continuous fluctuations in cryptocurrency prices, and that has been predicted by the renowned crypto enthusiasts. The same is prevalent in case of Tezos (XTZ) also, but the way it is dipping down makes it evident that in the upcoming days, its bearish trend will be persistent to some extent. Its current movement of trend lines is indicating that Tezos lacks an effective support resistance which could have been able to push it up a little higher. The shift in its prices from bullish to bearish and vice versa has been high enough within 5 days only.

Current status of XTZ

Current value in BTC: 0.00018321 BTC (UTC time 08:46)

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Current value in USD: 1.5907 USD

Tezos ROI: 236.36%

Market cap: 1,039,356,558 USD

Circulating supply: 661,559,384 XTZ

Price analysis and future price predictions

Tezos price chart - may 29

From the above 5-Day charts, it is completely understandable that XTZ’s value is highly fluctuating and there is no sign of keeping a hold on to its value. Its momentum is really steady. Its price ranges from 26th May to 28th May 2019, has been towards an upward trend in spite of the volatile market but again, today, it is aggravating towards bearish zone only.

The above chart displays that on 27th May, XTZ had its peak point at 1.6963 USD from which it deterred down to as low as 1.5976 USD on 28th May and then, substantially reached to 1.5875 USD today, indicating a complete bearish zone. So, within these five days, although its value has been plunged by 6.85%, but its momentum is indicating that even if its peeps up above the bearish zone, it will have the tendency to plunge down in the negative trend line only. Considering these facts and facets, we think that in the upcoming days, XTZ can be trading around 1.5055 USD.

Conclusion

In the concluding note, it can be said, that currently, stability is XTZ’s prices is not at all guaranteed rather, its better to say that it will be highly fluctuating in the upcoming days and retention of its value in the bullish zone is difficult due to the turbulent nature of BTC. It is, therefore, a safer option, not to invest for long term basis on XTZ currently.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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