Tezos has been in a downward move since August. The downtrend extended to a low of $1.92. At the low of $1.92, the price was corrected upward but the selling pressure resumes to the downside.
Tezos corrected to the high of 2.010 but faced rejection. On the upside, if buyers push the price above $2.50, the uptrend will resume. Otherwise, the selling pressure will persist.
With the selling pressure, the Relative Strength Index is at 38. The price is approaching the oversold region of the market. The coin will continue to fall as it is in the bearish trend zone. The SMAs are sloping southward indicating the downtrend.
The downtrend is likely to continue because of the rejection at $2.0. The market is showing bearish signals. On October 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that Tezos will decline to level 1.618 Fibonacci extension level. In other words, the coin will depreciate to level 1.510.
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 own research before investing funds.