Technical Analysis for XTZUSDT for 16th November 2021
Tezos Dumping, Will XTZUSDT Bulls Plug the Bleeding?
Past Performance of XTZ
The XTZ token is down roughly 32 percent from October peaks, trading within a bear breakout pattern as clear in the daily chart.
XTZ prices have been consolidating in the past few days with shrinking trading volumes.
What to Expect of XTZ
The inability of Tezos bulls to rewind losses of November 10 and critically October 27 is an indicator of weakness, a possible shift in trend after peaks of early October 2021.
Therefore, a drop below $5 and November 10 lows may spark a sell-off towards September 2021 lows of around $4.
Tezos Technical Analysis
As such, a recovery above $6.5 may lift the token towards October 2021 highs of $8.5.
On the flip side, deeper losses below $5 may cause further meltdown towards $4, mirroring losses of October 27 and the follow-through of November 10, cementing sellers.
Resistance level to watch: $6.5
Support level to watch: $5
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