Tezos Is in a Downward Correction, Lacks Buying Power at Higher Price Levels

Presently, Tezos is trading at $1.90 at the time of writing. In recent times, the coin has faced a series of rejections. Each rejection will amount to a downward movement of the coin.

On December 16, buyers were attempting to push the coin above the $2.40 resistance but failed. That singular rejection made the coin to decline and fall into the bearish trend zone. 

The coin fell and broke below the SMAs and reached a low of $1.53. On December 24, the price corrected upward but was repelled again. Today, XTZ has resumed a downward move. The coin may fall and find support above $1.50. The upward movement will resume if the support holds.              

Tezos indicator reading 

The crypto price has broken below the SMAs which suggests a downward movement of the coin. The coin is at level 40 of the Relative Strength index period 14. It indicates that the crypto is below the centerline 50 and may likely fall.

Key Supply Zones: $5.50, $6, $6.50

Key Demand zones: $2.50, $2, $1.50 

What is the next direction for Tezos?

Tezos has resumed a downward move. On December 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the market will fall to level 2.0 Fibonacci retracement level. That is, the crypto will decline to a low of $1.888.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their research before investing funds.