The Tezos price is trading below the bull market indicators, suggesting that the downtrend in early October is nowhere near an end. This bearish outlook is visible with XTZ price decreasing by 0.45% over the last 24 hours to trade at $0.6589 at press time.
Its 24-hour trading volume has notably plunged 9% to $13 million, indicating a recent fall in market activity in the Tezos market. XTZ is now down 1% in a week; however, it has jumped 4% in a month despite a fall of 1% in a year. Meanwhile, all hope is not lost, as the Tezos price has gained a spot among the top 100 cryptocurrencies by market capitalization.
Advertisement
Tezos $XTZ one of many old alt-L1s that never gained traction in the mogging queue 👋🏻 👋🏻 pic.twitter.com/GKE51JXJ9A
— Mr Moggington 🫵😹 (@TokenFundament1) October 7, 2024
On the other hand, Tim Draper, an American billionaire investor, recently discussed his altcoin investments via the Thinking Crypto Podcast. Tim mentioned Tezos among his holdings, emphasizing its governance and formal verification. This makes Tezos a solid choice for projects requiring secure and scalable solutions.
Tezos Statistical Data
Based on CoinmarketCap data:
- XTZ price now – $0.65
- Trading volume (24h) – $13 million
- Market cap – $657 million
- Total supply – 1.02 billion
- Circulating supply – 1.00 billion
- XTZ ranking – #99
The Tezos price has started to show signs of recovery following a massive correction from resistance around $0.74 in early October. This caused the bears to step in, dwindling the price mercilessly as the bulls gained support at $0.63, cushioning against further losses.
This led to the formation of a descending triangle pattern in the Tezos market. Meanwhile, the XTZ price trades below bullish key indicators, suggesting that the bears are in control.
Can the Tezos Bulls Build Up Momentum At This level?
To start with, the Tezos price is sitting below confluence resistance formed by two key indicators: The 50-day Simple Moving Average (SMA) (green) at $0.6786 and the 200-day (SMA (blue) at $0.6753. These levels act as the immediate resistance, which must be broken for bulls to resume the uptrend.
Moreover, the moving averages are on the verge of crossing over, which may result in a death cross. This will potentially reinforce the bearish sentiment, tilting the odds in favor of the bears.
Meanwhile, the Relative Strength Index (RSI) reinforces the downtrend while dwindling toward the oversold region. Currently, it sits below the 50-mean level at 41.27, suggesting increased selling pressure. If the bears keep dominating the market, the RSI may plunge to the 30-oversold zone, dispersing the buying pressure.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator reveals a bearish outlook for the market. This is evident as the blue MACD line has flipped below the orange signal line, calling for a sell signal. Worsening the outlook, it has plunged to negative territory, with the red histograms starting to enlarge in size. Traders should consider selling Tezos unless the MACD indicator changes.
Tezos Price Prediction
The bears have entirely taken the reigns in the Tezos market, leaving the bulls nowhere to be seen. Based on the 4-hour chart above, if the bears keep dominating the market, the Tezos price could drop. If the bears capitalize on the 50-day and 200-day SMAs, which uphold bearish sentiments, the XTZ price could slip, retesting the $0.6362 support level.
On the upside, if the bulls step into the market and the whole market turns positive, the Tezos price could surge. If a strong tailwind builds behind Tezos, the token can obliterate the next critical resistance shown by the 200-day SMA (blue) at $0.6763. Note that gains above this price point could begin a meaningful uptrend, starting with a step above the 50-day SMA (green) at $ 0.6786)ahead of a more significant breakout to $0.75.
Advertisement
