Tezos (XTZ) Draws a Downtrend; Trades at $2.20

Tezos, at the time of penning down, was seen drawing a visible downtrend after hitting a 2-week high at $2.45 in the previous week. However, due to a notably volatile movement, XTZ price fails to rise above $2.5 and is currently trading at $2.20.

However, the trend reversed as the XTZ coin started following the market trend after a brief uptrend in the 1st week of the ongoing month. With this, Tezos has shifted a position below TRON and is ranked 17th in the global crypto market.

Tezos Price Analysis

Tezos News
XTZ/USD Chart By TradingView

Tezos, with a confirmed bearish pullback, is trading at $2.208 after a 2-week high marked at $2.45 against the greenback. Additionally, Tezos is showing a controversial trend at the moment with a mix of upside and downside correction over the past fortnight.

With intraday pullback, XTZ price breaches the lower Bollinger Band and is, therefore, not holding support from 50-day MA but retains 200-day MA support at $2.192, around the current trading price of $2.20. The MACD indicator confirms the negative pullback, and hence, the signal line overpowers the MACD line. In this regard, the RSI of Tezos is also inclined towards the support and lies at 40.76. As per the technical indicators and Tezos Price Forecast, the currency might face slight correction before marking recovery.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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