The post Tezos (XTZ) Battles Market Bears, Sees Price Rebound appeared on BitcoinEthereumNews.com.

Tezos (XTZ) continues its bearish run as it has declined by 29% from year to date and 4% in the last seven days.  According to analysts, bulls are seeking to send the price to $0.94, however, failure to do this could cause another downward trend to $0.6.  Tezos (XTZ) witnesses a bearish extension, dragging the asset down the price curve as bulls struggle to seize control. According to our market data, XTZ has declined by 4% in the last seven days, extending its year-to-date fall to 29%. At press time, the asset was trading at $0.77 following a 55% decline in its 24-hour trading volume. Regardless, investors keep accumulating the asset as the Chaikin Money Flow (CMF) indicator confirms a significant increase in inflows. According to analysts, increased buying pressure indicates a growing confidence and has a direct correlation with price movement. However, the funding rate of the asset keeps fluctuating between the positive and the negative territory. Per our investigation, this kind of volatility usually hints at a lack of consensus among investors with regard to the short-term direction of the asset.  Generally, positive funding rates provide a hint at long contracts dominating the market. On the other hand, negative funding rates also indicate the dominance of short contracts. With the mixed signals of XTZ, there is an ongoing consolidation as the price remains restricted within the range of $0.76 and $0.87. However, a breakout or breakdown would certainly invalidate the bullish neutral position. According to analysts, XTZ could reach $0.94 once bulls successfully seize control from bears. Any failure attempt could send the price down to $0.6.  Tezos (XTZ) Announces 16th Upgrade Outside the framework of the price analysis, developers have actively been working to position Tezos among the leading blockchains as its 16th upgrade recently went live…

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Filed under: News - @ June 24, 2024 6:20 am