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The Tezos (XTZ) price has been decreasing since April 16, when it reached a high of 37,930 satoshis. The price has finally reached an important support level that could initiate a trend reversal.

The aforementioned losses were paused on May 8, and the price has been gradually increasing since.

Several important support levels were outlined by well-known trader @inmortalcrypto, in an XTZ chart that shows support levels slightly below the current price. These supports are made up of an ascending line and the 100-day moving average (MA).

Inmortal has outlined a buy zone slightly below 30,000 satoshis, a level that could initiate a bounce for Tezos.

The XTZ price has been following an ascending support line since Jan 13 and has currently validated it for the fourth time. While the price is still holding on above this support line, the price action does not seem entirely bullish.

XTZ has lost the support of the 100-day MA and has created a long upper-wick after making an attempt at moving above it.

A very strong support level is found at 25,000 satoshis, also strengthened by the presence of the 200-day MA. However, the price would have to break down from the current ascending support line in order to reach it.

In order to determine if that is likely, we will take a look at lower time-frames.

When looking at the movement since April 6, we can see that XTZ has possibly completed a five-wave Elliott formation along with an A-B-C correction that ended right at the 0.786 Fibonacci level of its last rally. If this is correct, the XTZ price will soon begin an upward move towards the closest resistance area, which is found at 33,000 satoshis.

The possibility of this move transpiring would increase if the price were to create a double bottom at the current horizontal support level, which is looking very likely. If that were to occur, the RSI would likely generate some bullish divergence, a sign that usually indicates when a price is reversing its trend.

In the XTZ/USD pair, the price has also decreased all the way to an ascending support line that has been in place since March 13.

This increases the possibility that the moves discussed in the previous section will transpire since an increase in XTZ/USD could also mean that the XTZ/BTC pair will move upwards.

The XTZ price has been decreasing for almost a month and has reached a long-term ascending support line. As long as the price is trading above this line, its price movement is considered bullish. In the short-term, the creation of a double-bottom could lead to an upward move towards 33,000 satoshis.

The post Tezos’ Downtrend Might Soon Be Coming to an End appeared first on BeInCrypto.

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