Bitcoin
BTC$48 023.28

-0.71%

Ethereum
ETH$3 563.80

-1.89%

Cardano
ADA$2.42

-2.23%

Binance Coin
BNB$421.22

-2.55%

Tether
USDT$1.000499

0.02%

XRP
XRP$1.093567

-2.51%

Tezos (XTZ): The Bulls Are Losing Grip After Double Rejection


#Tezos

Tezos (XTZ) has failed to go past the resistance at $3, the consequence of which was the disruption of the local uptrend structure, followed by the month-long consolidation. Once the consolidation was over, the price made another futile attempt at $3 and then entered a correction mode.

XTZ price action from the past six months

Things didn’t go well for Tezos in June as its value in three dominant currencies has begun to slope. Over the past 30 days, XTZ lost 13% against both USD and Bitcoin, while amounting to even larger losses of 21% against the rival altcoin Ethereum. Traders who jumped the gun and went long on Tezos when it had just broken the first key resistance at $2.5, which looks like to be back into the action once again, are now trapped under the level of $3.

The realization of that fact led to as many as three considerable price dumps: on May 10 (open - $2.8, close - $2.56), June 11 (open - $2.88, close - $2.6), and the period from June 24 until June 27, which marked a 17% drop.

The long-term traders/holders shouldn’t be too disappointed in XTZ since its yearly gains hold strong as it still boasts triple-figures across the board: 118% - USD, 188% - BTC, and 210% - ETH. Those who stood at the origin of Tezos also shouldn’t be too concerned about the recent underperformance since the coin maintains a very positive all-time ROI of 400%. 

A further drop is almost inevitable


During its last notable price depreciation, Tezos has crossed two crucial levels, namely the 50-period EMA and the support level at $2.5, to the downside, thus putting under question the entire bullish agenda, which was relevant to this market only a few weeks ago. 

1-day XTZ/USDT chart

The level at $2.5 is of immense importance for making the XTZ price prediction because it represents the waterline between the bullish and bearish zones. Moreover, it converges with the 0.5 Fibonacci retracement level, which explains why it held as a support for more than a week, even though the indicators were increasingly bearish.

We predict that Tezos faces another 9% drop from its current price at $2.35. In the next three to six days, XTZ should find support at the 200 EMA. At that point, the price would either consolidate around $2 - $2.1 or drop to the 0.236 Fibonacci level that would mark a complete cancelation of the bullish scenario and the return of the bearish season.

Author: Alex Paulson for Crypto-Rating.com

Related

Tezos (XTZ) Drives Slowly But Resolutely to the Upside
Tezos (XTZ) Drives Slowly But Resolutely to the Upside
Tezos (XTZ) Is Drawing Similar Patterns
Tezos (XTZ) Is Drawing Similar Patterns
Tezos (XTZ): The Buyers Remain Reluctant
Tezos (XTZ): The Buyers Remain Reluctant
Tezos (XTZ) Is Locked in the Range
Tezos (XTZ) Is Locked in the Range
Tezos Could Be Walking Into a Bull Trap
Tezos Could Be Walking Into a Bull Trap
Tezos Holds Up Well Amid the Correction
Tezos Holds Up Well Amid the Correction
Tezos (XTZ): a Strong Gaine
Tezos (XTZ): a Strong Gaine
Scenarios for Tezos for the next weeks
Scenarios for Tezos for the next weeks
Tezos (XTZ) Price Forecast
Tezos (XTZ) Price Forecast

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.4% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 72% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 68% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 70.4% 55 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 58.4% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 69.6% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 66.4% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 73.6% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.