XTZ Technical Analysis: Will Bears Break The Consolidation Range?

The XTZ technical analysis displays a bear cycle gaining momentum within a consolidation range, teasing a breakdown below $1.40. The XTZ price action displays a consolidation range between the $1.40 and $1.68 support levels. Moreover, the price action shows a bearish pattern developing with a neckline at $1.40 that can lead to a prolonged correction phase. So, should you consider booking profits before the bullish dominance falls? Key Points: The Tezos prices show a bear cycle in the range formation. The head and shoulder pattern within the range teases a bearish breakdown. The intraday trading volume in Tezos is $44.17 Million. Source-Tradingview XTZ Technical Analysis The XTZ price displays the bearish reversal within a consolidation range from the overhead resistance at the $1.68 mark, reaching the $1.40 bottom support. Moreover, the increase in higher price rejection candles reflects an increase in selling pressure. After the sharp fall of 15% within a week, the bearish influence over the technical chart increases and teases a bearish breakout. Moreover, the growing bearish power fuels the downtrend in the 50 and 100-day EMA. Coming back to the price action, the head and shoulder pattern arising within the consolidation range has a neckline at $1.40. However, the increased selling pressure can result in a breakdown before the right shoulder formation. Hence, the Tezos prices can drop to $1.26 if the bullish dominance at $1...