Technical Analysis for XTZUSD for 25th January 2022
Tezos Bounces from $2.5, is the Bear Run Over?
Past Performance of Tezos
Tezos prices are weak, aligning with the general performance of the cryptocurrency market. Despite a series of higher highs in lower time frames, XTZ prices are down 66 percent from October 2021 highs. Currently, bulls are attempting to reject sellers, explaining price consolidation at around last week's lows.
Tezos Technical Analysis
The January 24 bear bar has a long lower wick suggesting XTZ demand late in the trading day. Even still, the path of lower resistance is defined. Although risk-off traders may load the dips in anticipation of more gains in the days ahead, price contracts below $2.5 cancel this bullish preview. Looking at the bright side, gains above $3.5 may trigger a resurgence taking XTZUSDT back to $4 in a retest of Q4 2021 lows.
What to Expect of Tezos
The downtrend momentum is strong reading from XTZUSDT candlestick formation in the daily chart. Sellers are still dominant. However, there is optimism provided prices trend above $2.5. An expansion above $3.5 may be the foundation for a turnaround in line with the trend set in H2 2021.
Resistance level to watch: $3.5
Support level to watch: $2.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
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