- 1 Tezos price reached its 52 week low mark of $0.620.
- 2 The trading volume rose over 29% to $28.93 Million in the last 24 hours.
Tezos (XTZ) coin traded in a downtrend and has noted consecutive lower lows for the past few weeks.
As the broader market’s bloodbath continued, sellers pushed the Tezos price to its 52 week price low.
What’s Next for Tezos (XTZ) Price
In yesterday’s session, the XTZ coin rebounded over 15% and made a hammer candlestick near its lower trendline support zone of $0.620 mark. It has slipped below its key moving averages and was below the round mark $1.
If the market sentiment revives and goes in favour of buyers, the token could gain strength and might flip its trend. Once it crosses the downward trendline hurdle of $0.80, it could possibly stretch the bounce toward the $1 mark shortly.
Until the $1 mark is not retained by buyers, sellers could continue to dominate the battle and more declines can be anticipated.
At press time, Tezos traded at $0.723 with an intraday surge of 5.36%, reflecting neutrality on the charts. It has a monthly return ratio of -23.30% and -12.20% yearly, reflecting short term correction.
The pair of XTZ/BTC is at 0.0000128BTC, and the market cap is $715.02 Million. Analysts are neutral and suggest that the XTZ price may register a falling wedge breakout and would retain the $1 mark.
Tezos Forms Falling Wedge Pattern: Reversal Imminent?
The Tezos (XTZ) traded inside a falling wedge pattern and stayed in a downtrend. For the past weeks, the bear cartel continued to show their presence and persist in adding short positions.
Despite multiple attempts to escape the channel, rejections were faced and a death crossover was noted on the chart.
XTZ Price Chart Source: Santiment
The RSI curve stays in the oversold region and is revealing that the token could probably trigger a rebound soon.
Meanwhile, the bollinger bands were squeezed and came closer with each other, suggesting that a major move was cooking and investors needs to closely track the counter.
Sharp Spike In Price Volatility Data: What’s Cooking In It?
Per the Santiment data, the price volatility curve revealed a massive rise over 430% to 0.051 mark, which implies a hidden speculation. Amidst the price rise over 5%, investors are anticipating something big to come in the upcoming sessions.
Price Volatility Data | Source: Santiment
Its weighted sentiment stands close to the midline region, noted at 0.222, and projects a neutral stance.
@Worldofcharts in his X post mentioned that the XTZ token has decisively holded gains and formed a falling wedge pattern. Once it splits the range, a sharp move can be seen.
$Xtz
Still Holding Falling Wedge Once Breakout Confirmed Will Catch For Midterm #Crypto #Xtz pic.twitter.com/L0ZWkaGCvN
— World Of Charts (@WorldOfCharts1) July 5, 2024
Source:X
What do Futures Open Interest Data Tell?
The Futures Data revealed that, buyers have begun accumulation and entered with fresh longs in the yesterday session.
The open interest data dropped over 4.30% to $11.28 Million, implies short covering data in the past 24 hours.
Open interest Data | Source: coinglass
The immediate support levels for the XTZ token are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3
Has Tezos (XTZ) Bottomed Out?
The XTZ token price dragged below its key moving averages and remained in the bearish region. The lower low swings were still visible and the buyers had to crack the trendline hurdle of $0.800 to flip the gains.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
