Tezos Analysis: Bearish Signals On XTZ/USD, Is A Drop To $1.50 USD Imminent?

Tezos (XTZ), a staking token, indicators signal a possible drop to the $1.50 USD region as selling pressure across the cryptocurrency industry intensifies.  

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XTZ/USD tests lower bearish wedge support level at $1.55 USD

Tezos (XTZ/USD) has remained one of the best performers in bearish periods through 2019 and the subsequent downtrends since the Xi pump have been a great example of the staking token’s resilience. Bitcoin (BTC), the top cryptocurrency and a driver of the market, plummeted 4% in the past 24 hours to trade at $6,850 USD, as at time of writing, causing a huge selloff through the market. Despite XTZ bulls holding out on the collapsing market for 24 hours, the coin looks headed to the $1.50 USD region as the coin failed to break major resistance at $1.940 USD.

XTZUSD

A break above the wedge pattern set the XTZ/USD pair in a frenzy pushing the staking token towards major resistance at $1.940 USD. XTZ/USD price bounced off lower resistance at $1.840 USD signaling an extended downtrend period in the coming days. Buying pressure intensified in the early trading hours of Tuesday, 17 December as bulls pushed the price to an intraday high of $1.7680.

The failure to break the minor resistance level saw bears take control of the market pushing XTZ/USD price towards the support level of the 4 hour charts bearish wedge at $1.55 USD before appreciating slightly to trade at $1.62 USD, as at time of writing.

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Bearish momentum on hand, $1.50 USD a possibility?

The feel good state of the XTZ community may feel a slight knock in the coming festive period as the bears look set to push the coin towards the $1.50 region. Looking at the daily charts, a profitable selling opportunity is on the pair after successive failures to break the resistance. Furthermore the oscilators on higher timeframes indicate an overbought market for XTZ/USD.

Looking at the daily charts, buying pressure seems to have reached a squeeze as volumes dropped and relative strength index (RSI) oscillates below the upper band. Despite making it to the top 10, XTZ signals possibilities of dropping to $1.50 USD if the selling pressure intensifies.

Images from TradingView

Article Name
Tezos Analysis: Bearish Signals On XTZ/USD, Is A Drop To $1.50 USD Possible?
Description
Tezos (XTZ), a staking token, indicators signal a possible drop to the $1.50 USD region as selling pressure across the cryptocurrency industry intensifies.
Lujan Odera
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Author: Lujan Odera



Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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