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Dalmas Ngetich
May 3, 2022
by Dalmas Ngetich

Tezos at new 2022 Lows, XTZ Risks Falling to $1.7

Tezos

Table of contents

  1. Past Performance of Tezos
    1. Tezos Technical Analysis
    2. What to Expect from XTZ Token?
Tezos (XTZ) is down 12 percent in the previous trading in a bear breakout formation. The coin may slide to $1.7 if sellers double down.

Past Performance of Tezos

Tezos token prices are trending at new 2022 lows when writing, sliding, and trailing resurgent USDT bulls. At spot rates, XTZ is stable on the previous trading day but down 12 percent in the past week of trading. As per the set up in the daily chart, sellers are in a commanding position as the token is pinned within a bear breakout formation.

Tezos Technical Analysis

Tezos XTZ Daily Chart for May 3

The path of least resistance is defined—southwards. Albeit flashes of fading strength from time to time, sellers are in control. XTZ crypto is within a bear breakout formation below Q1 2022 lows from the daily chart. The wide-ranging, bearish engulfing bar of April 30 leads the current price action. As long as sellers are below $3, traders may search for entries on every pullback towards the resistance level. The first target stands at the 1.618 Fibonacci extension level of theQ1 2022 trade range at $1.7.

What to Expect from XTZ Token?

The XTZ coin is within a bear breakout formation, clearing $3 and below the middle BB. As bear bars band along the lower BB, prices are stretched. If sellers press, XTZ may snap to $1.7 in a bear trend continuation pattern.

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Tezos at new 2022 Lows, XTZ Risks Falling to $1.7
Dalmas Ngetich
Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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