Tezos Continues Its Rapid Descent (TA - 24th September)

The Tezos (XTZ) price has been decreasing rapidly since Aug. 13 and has broken down from several crucial support levels. Unless the price is successful in reclaiming them, the trend is considered bearish.


 


Breakdown From Long-Term Support


The XTZ price has been decreasing since a high of $4.49 was reached on Aug. 13. The decrease has been swift, and on Sept. 4, the price broke down from to major support levels:



  • An ascending support line in place since the March 13 lows

  • The $2.80 support area


Afterwards, the price validated the area as resistance and continued its descent. The price is approaching the $1.70 area, which is the 0.786 Fib level of the entire upward move and is expected to act as support.







Technical indicators show extremely oversold conditions, but do not yet confirm that a reversal has begun. While there is a developing bullish divergence in the MACD, it has begun to fall once more prior to reaching positive territory.


The RSI reached its lowest levels since the March crash, but has not generated any bullish divergence yet. Similarly, the Stochastic Oscillator has yet to make a bullish cross.


All these are signs that the price is expected to decrease all the way to the $1.70 support area, before possibly beginning an upward move.







XTZ/BTC


The XTZ/BTC chart looks considerably more bearish than its XTZ/USD counterpart.


Besides falling below the 24,500 satoshi support area, which had been in place for eight months, the price has continued its descent without even validating it as resistance. Furthermore, technical indicators show no signs of a reversal.


If the price continues falling, the closest support area is found at 16,500 satoshis.







What do you think we will see in the coming week / month? Do you agree with the above analysis? Also If you like this content, consider tipping the article / following me, so more people see this content and we get a nice discussion going on. 


Also, If you are interested in trading, I would suggest you try out BeInCrypto's free Telegram chat. I am there and it is growing very quickly (over 7,100 members) where they discuss the market and share interesting content. They also have a free premium channel where they have a cryptocurrency trading course and daily trading signals. If you are interested, you can click here.


Until next time, stay classy crypto world!

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Developed by ex-Morgan Stanley analyst Arthur Breitman. Tezos (XTZ) is a multi-purpose platform that supports dApps and smart contracts. It aims to combine a self-correcting protocol and on-chain governance to manage network modifications. Tezos is powered by XTZ, which is created through 'baking'. Bakers put up deposits and are rewarded for signing and publishing blocks. Witnesses then validate the blocks. Dishonest bakers lose their XTZ deposits. Tezos uses delegated proof-of-stake (DPoS) and supports Turing complete smart contracts. Tezos is implemented in the OCaml programming language, which is said to offer 'functional, imperative, and object-oriented styles'.

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