- Tezos has formed a ‘lower high-lower lows’ pattern over the last couple of days
- The coin was aimed to achieve the $3 price mark but; Bitcoin’s strong pullback kept the altcoin from that
- XTZ has formed a support level at $2.39; the coin has still not crossed the 38.20% fib level
Bears have targeted the crypto coins again after the march month’s crash. Bitcoin, which was heading towards $10,000, has now taken a U-turn slipping below $9000. This decline has disturbed many investors, and this is surely going to get reflected on the rest of the coins.
Tezos Price Analysis
Tezos, being one of the most prominent digital coins, has caught the same bearish impact recently. However, the coin has remained above $2.00. When the previous week ended, the XTZ price was firmly above $2.7 and went above $2.9 by the time.
The same day, the coin faced rejection, and it headed towards the nosedive. The initial decline took the coin below $2.5. currently, the coin is trading at $2.43 after it had a dip at $2.39. The bearish trendline has been halted, but the coin is well below the 200-day EMA line. Moreover, the moving averages are painting a bearish picture too.
XTZ’s recovery has seen a parabolic fall, because of which the coin is still close to the 0% Fib level. The Bollinger bands are still opening up for volatility while the MACD indicator is in a negative zone. As per the recent trend and XTZ Price Forecast, the currency has retested its strong support and initiated recovery. And hence, it might cross $2.5 mark soon.