Tezos (XTZ) – Eying the 4$ level

Tezos (XTZ) – Eying the 4$ level

Posted on Wednesday, November 17 2021 at 8:28 pm GMT+0000

Tezos (XTZ) keeps plummeting across the board as the price had consolidated below the Ichimoku Kumo at the daily chart. Now, the altcoin is exchanging hands at around $5.20, and it seems like the crypto could be on its way to hitting new lows. The nearest critical support lies at $5.00.

Currently, the TD Sequential indicator is flashing a bearish signal, suggesting that sellers will keep dominating the scene as long as XTZ remains under pressure below $5.50, where a resistance zone had been formed.

After piercing the $5.00 level, the eyes of the altcoin will be on the $4.00 zone as the next important hurdle to overcome. Also, the next barrier after such area is located around $2.50, where the TD Sequential indicator had formed a demand zone.

However, the RSI indicator is hovering within the oversold territory, flashing a possible bottoming of the price at this stage. When Tezos breaks below the TD Sequential indicator’s demand zone, the bearish bias could strengthen further even for the midterm.

At the current timeframe, the current bearish crossover of the spans in Ichimoku keeps favoring the bearish scenario in the altcoin, which are also acting as dynamic resistances.