Tezos Drops 10%, Will XTZ Prices Slide to New 2022 Lows?
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Past Performance
Tezos prices are trading at January 2022 lows, sliding below crucial support when writing. After sharp losses on April 26, XTZ buyers are yet to reverse losses and are pinned within the bear breakout bar, signaling weakness. Based on the current setup, XTZ may slide to new 2022 lows. As such, traders may find entries on every retest of $3 to unload in the immediate term.
Tezos Technical Analysis
Overall, sellers are in control and XTZ prices are within the bearish engulfing bar of April 26. From this setup, every high below $3 and yesterday's bear bar offers selling opportunities for aggressive sellers from an effort versus result perspective. As per the XTZUSDT candlestick arrangement, the immediate bear target is $2.5 marking the lows of January and February 24 pin bars. A high volume break above $3, on the other hand, would offer Tezos bulls a lifeline, possibly forming the base for a leg up towards $3.3.
What to Expect from Tezos?
The crypto market is under pressure, spilling over to XTZ. Sellers are in control as long as prices are below $3 and inside the wide-ranging bear candlestick of April 26.