Tezos Price Forecast: XTZ breaks critical support putting sub-$3.00 in focus

XTZ/USD stands on a slippery ground, drops to the fresh low since March 05.
A clear break of three-week-old support line joins bearish MACD and descending RSI to favor sellers.
Monthly bottom can offer intermediate halt during the fall targeting late February lows.

A clear break of an ascending trend line from February 23 favors XTZ/USD bears during early Tuesday. Not only the previous support break but bearish MACD and downward sloping RSI line also suggests further downside of the cryptocurrency pair, currently down over 3.0% near $3.71.

While the quote’s current downside aims for the monthly low near $3.44, February 26 low near $3.16 and February 23 bottom surrounding $2.96 are the ultimate targets for the XTZ/USD sellers.

It should, however, be noted that the XTZ weakness past-$2.96 will have to break below February’s low of $2.75 to keep the reins.

Alternatively, a corrective pullback beyond the stated support line, now resistance, around $3.84 will have to cross the 100-SMA level of $3.92 to convince short-term XTZ/USD buyers.

Though, descending resistance lines from March 09 and February 20, respectively around $4.03 and $4.37, will be the key to test the XTZ/USD bulls above the key SMA.

XTZ/USD four-hour chart

Trend: Further downside expected

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram