XTZ Price Poised For 23.5% Fall As Bearish Pattern Emerged Again

The XTZ/USDT technical chart reflected a texted book example for an inverted flag pattern in response to the previous two-month recovery. The same pattern was observed from Mid-may to early June recovery and triggered a 38% downfall upon breakdown.

Timeline of Tezos

Tezos price analysis suggests a probable correction in the price, provided some market conditions are met. The recent price action implies the extension of the higher highs and higher lows formation on the daily chart.

XTZ holders, especially those who purchased near the bottom of the bear market in June, are up a tad over 60%. However, the cryptocurrency just touched its first major resistance level.

Following a busy summer that saw Tezos host its annual developer conference in Paris shortly after welcoming USDT into its fold, the blazing fast, energy friendly blockchain network is enjoying rapid traction in both the NFT and the DeFi spaces.  The TEZ/DEV conference, which wrapped up on July 23, provided us with an in-depth look at the reasons why an increasing number of projects are looking to build on the Tezos blockchain.

Tezos price analysis indicates receding bullish momentum from the higher level placed near $1.85. The level formed a multiple resistance barricade for the buyers and poses challenges here.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion. Tezos [XTZ] has performed decently well over the past month.

Tezos the provably green “Proof of Stake” protocol has become a hub for some of the most innovative and groundbreaking new dApps. To celebrate the diversity of projects and teams, Tezos just held a networking event in Paris, France called TezDev.

According to a new report by Messari (provider of crypto market intelligence products), Tezos, an open source blockchain for deploying smart contracts, recorded some growth in the last quarter.  With a 58.

Tezos price analysis shows the prices are currently testing the $1.6 resistance. The XTZ/USD pair is currently trading at $1.55, a decline of 7.90 percent. The market trend is bearish, and prices are expected to fall below the $1.45 support levels in the near term.

The Tezos coin is one of the few top cryptocurrencies that started the new week on a bullish note. While fighting the uncertain market sentiment, the coin price shows a gradual rise in XTZ price.

XTZ was a notable mover in the crypto top 100 on Monday, as prices rose towards a three-week high to start the week. Prices collided with a key resistance level during the move, and this came as UNI continued to trade above a ceiling of its own.