Is Tezos Going to Zero? XTZ Price Tumbles 4.8% as Fresh Meme Coin Nets $500,000 in Funding – Next 100x Coin?
As serious volatility rocks the Tezos chart, XTZ has tumbled -4.8%, leading some fearful bag-holders to ask 'is Tezos going to zero?'.
The sudden downside move comes following dramatic movements in the XTZ chart, which over the last 48-hours have seen Tezos rank amongst the top gainers and top losers in the crypto market.
And the volatility hasn't gone unnoticed, as Tezos continues to rank amongst the most searched and talked about altcoins on social media in the past 24-hours.
As volatility grips the charts, Tezos is currently trading at a market price of $0.64 (representing a 24-hour change of -1.98%).
This comes following an unexpected surge, which saw XTZ rocket-up to test upper trendline resistance, before rejection triggered a tumultuous tumble back below the 20DMA (which is sat at $0.66).
Price action is now battling to secure a foothold above lower support at $0.645.
This comes amid 80-days of hard-fought price action, which has hugged the descendant 20DMA.
The recent fall back below this moving average level has triggered panic amongst bag-holders, with many now asking 'is Tezos going to zero?'.
Indeed, the last time XTZ dropped below the 20DMA on July 24, price action headed south for more than 65 days, with divergence below the moving average peaking at -28% below the 20DMA on August 18.
The 200DMA remains high above current price action, currently sat at $0.83.
Turning attention to Tezos indicators, the RSI is showing an oversold signal at 42.97 - a bullish flag that could indicate an uptick on the short time frame.
However, the MACD diminishes this view, with the momentum indicator flipping to minor bearish divergence at -0.001 overnight.
Overall, XTZ is in critical position here, a bounce could prime price action for a
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