On June 12, Tezos experienced a sell-off that pushed its price below the $1.67 support level. Following this crash, XTZ lost 29% of its value before establishing a solid bottom around $1.17 on June 18.
Until June 18, some altcoins experienced bearish moves similar to XTZ, but have climbed so far. As a result, the price of XTZ rebounded by 41%, retesting the $1.67 mark once again. Between June 12 and July 18, the price of XTZ produced two equal highs and two higher lows.
As things stand, investors should brace for another wave of losses. Regardless, if the bearish momentum continues, the price of XTZ is more likely to trigger a bearish breakout. If this happens, Tezos will produce a daily candlestick close below $1.33, which will confirm a downtrend.
On the other hand, if the price of XTZ breaks the $1.67 barrier prematurely and can turn into support, the bearish thesis will be invalidated.
Currently, XTZ ranks 35th in terms of the largest cryptocurrency market capitalization, with an increase of only 0.10%. That brings its price up to $1.58 at the time of writing.
