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Cryptoknowmics 2022-09-28 11:06:52

XTZ Technical Analysis: Tezos Soon To Sink With A Head And Shoulder

The XTZ Technical Analysis shows a head and shoulder pattern arising in a consolidation range, teasing a downfall below $1.39. The XTZ price action displays growth in bearish influence over the short-term consolidation range between the $1.39 and $1.68 marks. It is evident by the head and shoulder pattern marked in the technical chart, warning of an upcoming fatal drop in the Tezos market price. So, when should you start a bearish position for Tezos? Key Points: The Tezos price action teases a bearish breakout of the consolidation range. The reversal from the 50-day EMA reflects an increase in the underlying bearishness. The intraday trading volume in Tezos is $34.94 million. Source – TradingView XTZ Technical Analysis As mentioned in our previous analysis, the XTZ price action shows an increasing possibility of a bearish breakout of the consolidation range in the daily chart. The Tezos price action shows a head and shoulder pattern arising as it reverses from the 50-day EMA. The higher price rejection candle near the 50-day EMA reflects an increase in the underlying bearish sentiments. The 3.24% drop in the daily candle currently approaches the bottom support of the consolidation range at $1.39. Additionally, the bearish pattern’s neckline coincides with the $1.39 mark. Thus, a candle closing below $1.39 will signal a selling opportunity. If the selling pressure grows, the XTZ prices will tumble below the $1.26 mark and endan...

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