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.

— Sjuul | AltCryptoGems (@AltCryptoGems) October 12, 2023

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.

XTZ Price Analysis: Is Tezos Going to Zero After Losing 20DMA Support?

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 return to 20DMA support, but loss of the $0.645 support level could trigger a downside cascade.

This leaves Tezos with an upside target at $0.68 (a possible +5.26%).

While downside risk could see price action plummet to lower trendline support at $0.60 (a possible -7.12%).

XTZ’s risk: reward ratio therefore stands at 0.74 – a bad entry dominated by downside risk.

But while Tezos bag-holders panic, smart money are turning their attention to a fresh-faced break-out meme coin presale that aims to gamify crypto community rivalries.

Could Meme Kombat Be the Next PepeCoin? Crypto Markets Think So as $475k Raised

Meme Kombat (MK) has recently hit the crypto scene and is quickly becoming a sensation, with a fresh and innovative stake-to-mine system, it’s gathered an impressive $454,712 in its presale event alone.

Powered by AI, Meme Kombat introduces battles between popular meme characters, allowing rival crypto users to wager using its native ERC-20 token, MK.

— Meme Kombat (@Meme_Kombat) October 12, 2023

This meme coin is set to redefine the meme coin space, potentially rivalling giants like Pepe and SHIB with its engaging approach and promise of playing on crypto community divisions.

Breaking Down Meme Kombat’s Stand-Out GameFi Features – More Than Memes?

• Unique Gaming Mechanism: Beyond simple trading, Meme Kombat offers users an interactive gaming experience. Users can bet on their favorite meme characters in Player vs Player or Player vs Game matchups.
• Incentivized Staking: Keeping user engagement at the forefront, 30% of MK’s total supply is designated for staking rewards, motivating long-term investment and platform interaction.
• Gaining Rapid Traction: Even before its official launch, the growing interest in Meme Kombat is evident. Their presale has already garnered a notable +$475k, with anticipation building for its listings on major decentralized exchanges like Uniswap.
• Backed by a Robust Team: Under the leadership of the experienced founder Matt Whiteman, and with an audited smart contract by Coinsult, Meme Kombat guarantees both innovation and security.
• Promising Roadmap: With plans for platform launch in late Q3 2023, the project promises continuous enhancements. Each new season aims to introduce novel characters and gaming modes, ensuring user engagement remains high.

Considering the current traction, innovative gaming approach, and a solid roadmap, Meme Kombat indeed showcases the potential to join the likes of Pepe and SHIB – especially as the GambleFi and GameFi narratives continue to grow.

(stay tuned with the MK Telegram)!

Buy Meme Kombat Here

^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}

Enter your email for our Free Daily Newsletter

A quick 3min read about today's crypto news!