Tezos (XTZ) Tries to Reverse After a 15.68% Drop Two Days Ago

• XTZ price prediction ranges from $1.2 to $1.7.
• The price of the coin increased by 5.34% within 24 hours.
• XTZ’s bearish market price prediction is $1.5.

Tezos (XTZ) price dropped by 15.68% within two days, from 26 August 2022 to 28 August 2022. Ever since 28 August, Tezos has been recovering from that drop. Also, if there is more buying pressure in the market and XTZ breaks out of the current resistance level at $1.667, we can foresee that XTZ will reach around $1.79.

Tezos is an open-source blockchain that can perform peer-to-peer transactions and serve as a platform for smart contract deployment. Tezos uses a proof-of-stake consensus mechanism like any other blockchain.

Looking at the 1-hour chart of XTZ/USDT, Tezos is currently in a bull flag. Bullish flag formations are found when the price is experiencing a strong uptrend, and this is considered a good continuation pattern. The best time to trade is after the market has broken out from the flag or when it is near Support/Resistance. If the bull flag’s price breaks out and goes up, XTZ will go bullish.

The relative strength index of XTZ is currently hovering at 61.63. RSI above 50 indicates that people are buying Tezos, hoping it will break out of the bear flag and go bullish.

The price is near the 200 MA, meaning that XTZ is currently in the turbulence zone and will have fake spikes before breaking out to one side. If the price exceeds 200 MA, Tezos will tend to be bullish. If it cannot break out of the 200 MA, the price will fall, resulting in a bearish market and the potential to drop to $1.2.

As of writing, the price of XTZ on CoinMarketCap had increased by 5.34% to $1.54. The trading volume of XTZ in the past 24 hours is $28,928,106.61 and has risen by 4.54%. XTZ has a market rank of 39 according to CoinMarketCap, and the circulating supply of XTZ is 907,125,411 XTZ.