Before the past three trading sessions, Tezos price has been trading within an ascending channel for weeks. However, on Tuesday, the prices surged by 8 per cent in the early hours of the trading session. The surge saw Tezos price hitting the upper trendline of the ascending channel.
However, upon hitting the upper trendline, prices failed to break to the upside. The result is a strong push to the downside, which saw the prices fall by 7.5 per cent during the session. At the end of the day, the session closed with a price drop of less than 0.1 per cent. However, the volatility of the trading session set up another aggressive push to the downside that we saw during yesterday’s trading session when prices dropped by 5 per cent.
In today’s trading session, the trend looks to be continuing, with prices already down by 9 per cent. The trend is also looking aggressively bearish in intraday trading. Therefore, it is likely that we will see prices continuing to fall.
Based on the past three trading session’s price history, today’s 9 per cent drop looks like a setup for what is about to come. Moreover, I think the current drop in prices is poised to continue in the next few trading sessions.
The drop will be partly due to the current cryptocurrency industry collapse that has seen it lose 8 per cent of its global market capitalization today. Moreover, the bearish trend of the industry, which has been ongoing for the entire week, is looking likely to continue for the next few days, which will also mean Tezos price, which is positively correlated with most major cryptocurrencies, will also be dragged downwards.
Therefore, my Tezos price prediction expects to see it trading below the $1.50 price level .there is a high likelihood that the prices may even hit the $1.45 price level. This bearish analysis will only be invalidated should the prices trade above today’s opening price of $1.78.
This post was last modified on Aug 19, 2022, 15:28 BST 15:28