- The XTZ/USD is trading with a solid bearish trend at $5.35, losing around 4.36% so far.
- Tezos soared by more than 35 percent following the debut of a new non-fungible token (NFT) platform.
- Forex trading participants may look for a buy trade above the $5.70 level to the target of $6.099.
The XTZ/USD is trading with a solid bearish trend at $5.35, losing around 4.36% so far. Tezos failed to stop its previous-session bearish rally and took some further offers around the $5.4295 level. If you are wondering what to expect and where to buy XTZ, let’s find out below…
The crypto market lost its ground right after billionaire hedge fund manager John Paulson said that cryptocurrencies are a bubble that will prove to be “worthless. The Tezos coin is currently generating a downward movement after hitting the 5.37 level.
Bearish sentiment in the crypto market
The reason could be attributed to the bearish sentiment in the crypto market. This was witnessed after the world’s largest crypto, Bitcoin, failed to exceed the $49,000 resistance against the US Dollar. BTC is sliding, and it could even break the $46,500 support zone.
The world’s largest crypto, Bitcoin, struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone.
It could start afresh increase if BTC stays above the $46,500 support zone. Immediate resistance on the upside is near the $47,150 level. Thus, the bearish bias in the BTC prices highlights the downbeat mood in the market, which also kept the altcoin under pressure. Thus, the weaker bullish bias in BTC also weighs on the Tezos.
Smart Contract Platforms Supported
The largest gainers were smart contract platforms, benefiting from the burgeoning trading of collectible avatars in the NFT market. Though Ethereum remained unchanged, Cardano soared to an all-time high of nearly three dollars before falling back, and Tezos soared by more than 35 percent following the debut of a new non-fungible token (NFT) platform.
Weaker Dollar Caps Losses in XTZ/USD
On the other hand, the broad-based US dollar weakness has played a significant role in capping its losses. At that time, the broad-based US dollar dropped to near two-week lows against a basket of currencies on the day. The declines could be attributed to Fed Chairman Jerome Powell’s dovish stance.
During the previous week’s Jackson Hole symposium, Powell provided no clear timeline for asset tapering and interest rate hikes. He only suggested that the asset tapering timeline could be “within 2021.” In the meantime, the market’s upbeat mood put some additional burden on the safe-have US dollar prices.
Tezos Price Prediction- Technical Levels
Support Resistance
4.22350 5.67090
3.36940 6.26420
2.77610 7.11830
Pivot Point: 4.81680
XTZ/USD Crossed Below 50 EMA – Where to Buy XTZ?
The Tezos price prediction is bearish as it fell to the 5.37 level. On the 2 hour timeframe, the XTZ/USD pair is consolidating in a wide trading range of 5.6938 – 5.1206 level.
On the bullish side, the pair is likely to face immediate resistance at the 5.69 level. This resistance is being extended by 50 periods EMA along with a double top pattern level. The bullish crossover of this level could lead the XTZ/USD prices towards the next resistance level of 6.099.
On the bearish side, the breakout of the 5.12 level could trigger a sharp sell-off until the 4.60 level. On the 2-hour timeframe, the upward trendline is supporting the buying trend in XTZ. However, the EMA suggests a selling trend.
On the other hand, the Stochastic RSI value is above 50, suggesting the chances of a bullish trend in XTZ. Since there’s a divergence between the EMA and the Stochastic RSI, we should wait for a range breakout before entering any trade.
Thus, Forex trading participants may look for a buy trade above the $5.70 level to the target of $6.099. Alternatively, a sell-stop below $5 can help capture an excellent selling trade with a target of $4.60. All the best.
Where to Buy XTZ?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
Looking to buy or trade crypto now? Invest at eToro!
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