XTZ Technical Analysis: Bear Cycle Scares Buyers At $1.66

The XTZ price action shows a bear cycle within a rising channel in the daily chart teasing a potential downfall to test the 50-day SMA. Key Technical Points: The Tezos (XTZ) price jumped 54% within the rising channel pattern before the recent bearish reversal. The bearish reversal challenges the bullish support of the 100-day SMA. With a market cap of $1.60 billion, the intraday trading volume of Tezos has decreased by 5.08% over the last 24 hours to reach $40.01 million. Past Performance of XTZ As predicted in our previous analysis, the bull cycle within the rising channel pattern surged the XTZ price by 20% to reach the overhead resistance trendline. Moreover, the bullish reversal cracks above the 100-day SMA and the $1.66 mark. However, the bullish rally fails to exceed the resistance trendline resulting in a bearish reversal struggling to take support at the 100-day SMA. Source – Tradingview XTZ Technical Analysis Currently, the XTZ technical chart shows a bearish engulfing candle undermining the uptrend last week and warns of a retracement to retest $1.66. Hence traders can find short-term selling opportunities at current market prices. As the Tezos market price struggles to sustain about the 100-day SMA, the 50-day SMA maintains a diagonal uptrend moving along with the support trendline. The daily-RSI slope sustains above the halfway line, but the recent dip below the 14-day average line reflects an increase in underlyin...