Tezos Price Prediction: A Drop Below $2 Seems Likely

Summary:

The descending triangle on the daily chart bolsters the Tezos price prediction of a drop below the $2 mark.

The consistent downside in the XTZ/USDT pair makes it hard to come up with any bullish Tezos price predictions. The situation has been worsened by the emergence of a potential continuation pattern, which could point to further selling if the break occurs as it should.

Price action has narrowed down considerably as the price reaches the point of convergence of the two lines that form the descending triangle. There are two possibilities here. In most cases, the triangle will show a continuation of the predominant trend, which is a downtrend in this case. In less than 20% of cases, the triangle could be a bottoming pattern leading to an upside reversal. Such a reversal may be a brief rally before renewed selling resumes. Either way, the situation appears to favour sellers more than buyers, fuelling additional bearish Tezos price predictions.

However, there are still those holding Tezos tokens for the long haul. They point to recent developments as a reason to do so. Tezos has signed a multi-year partnership with the Misfits Gaming Group (MGG). MGG recently launched Block Born, a dedicated blockchain gaming community. MGG wants to do big things in the gaming niche, and they believe Tezos is the blockchain portal to help get them there. Tezos also has existing partnerships with some big names in sports, one of which is the Manchester United Football Club. HODLers believe that these partnerships will lead to more niche-based adoption down the road, increasing the token’s value.

Tezos Price Prediction

The Tezos price prediction outlook is made from the daily chart, where a descending triangle is currently in evolution. The price candles are testing the support at 2.849. If this support gives way under bearish pressure, the 2.534 support comes into the picture as the initial target. As the breakdown move searches for the completion point at 1.805, an additional support level at 2.110 (22 June/21 July 2021) will come into the mix before the expected completion of the measured move at 1.805.