Tezos (XTZ) – Sellers looking towards the 2.10 key barrierPosted on Tuesday, May 3 2022 at 9:01 pm GMT+0000
The previous month’s sharp downfall sent Tezos’s (XTZ) price to a fresh 10-month low at 2.40, and the technical picture currently supports more weakness.
The negatively charged Ichimoku lines are demonstrating that the bearish forces are dominating the stage. Moreover, the oscillators are skewed to the downside, suggesting extra bearish developments. The KST is diving below its signal and zero lines, and the Awesome Oscillator is strengthening its negative momentum in the bearish region.
So, the most likely scenario is for the price to continue lower in the forthcoming sessions, specifically towards the key 2.10 support barrier, which managed to mute negative forces in June and July 2021. Knocking down that wall and the adjacent psychological level of 2.00, the gates will open to the one-and-a-half-year low of 1.60.
On the flip side, buyers’ attempts to stage a remarkable comeback might be initially blocked by the Tenkan-sen line seen around 2.69. Some distance higher, a tougher battle could start between the Kijun-sen line at 2.91 and the April 11th inside swing low of 2.94. Should a more profound upward move evolve, resistance may arise from the Ichimoku cloud’s lower surface and the April 16th top at 3.29. If the bulls maintain command, they may pursue the April 2nd peak of 4.13, after slicing through the March 1st high at 3.67.
To summarize, Tezos is exhibiting a sturdy bearish bearing below the Ichimoku plots, with sellers now looking towards the 2.10 key barrier.