The movement of Tezos (XTZ) is no longer considered to be an impulse wave, which means that a sharp decline is now a reality for the crypto.
The bearish sentiment for Tezos has been visible in the price of the crypto throughout the last week as there was early evidence that the price would breach the ascending trendline.
On July 26, the XTZ fell to its historical support. Now, the price shows an intra-hour rebound as traders engage to place their bets around the trend.
Tezos/Tether 3h (Source: TradingView)
The volume for XTZ remains low and the Relative Strength Index is not showing any bullish confluences of divergences. This means that the bullish thesis for XTZ remains.
The bearish thesis will only be invalidated if the price of XTZ breaks above the $1.59 point. If the bulls can push the price over this barrier, the price could reach as high as $1.65. This will be a 7% increase from the current XTZ price.
Tezos / TetherUS 1D (Source: CoinMarketCap)
According to CoinMarketCap, Tezos is currently the 37th biggest crypto in terms of market cap. This places XTZ right behind The Sandbox (SAND) in the 36th position and ahead of Hedera (HBAR) in the 38th position.
XTZ is currently trading at $1.57 after a 3.10% increase in price over the last 24 hours. Although the price of XTZ is up over the last day, the crypto is still down 10.75% over the last week.
The 24-hour trading volume for XTZ is also down 30.94% to now stand at $42,498,623.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
