XTZ Price Analysis – November 13
Tezos price was mostly under the bear radar in the on-going bearish market; its price hovers around $1.17 but fails to maintain stability above $1.21.
Resistance levels: $1.4, $1.5, $1.6
Support levels: $1.0, $0.9, $0.8
XTZ/USD price has been trading under the market pressure since the bears set their foot in the crypto market a few days ago. The price has not been able to prove itself and it is using the 9-day moving average as support. The daily chart for Tezos shows the price mostly moving in the range of $1.12 – $1.26, though the price made a good recovery from November 4 to November 09, when it shot up to $1.26.
However, the daily chart has shown that the sellers are making an attempt to step back into the market. For now, the key support level to watch out for lies at $1.06 and $1.00. A further drop may slip price at $0.9 and $0.8. For a retracement move, the $1.26 resistance is likely to resurface before the rally continues. If the $1.26 could not contain the retracement, the price may further swing to $1.40, $1.50 and $1.60 levels. The RSI (14) is moving in sideways around level 65, indicating an indecisive market.
Comparing with Bitcoin, Tezos’ performance has been very low due to a recurring bearish sentiment which has caused the market to fall. In other words, the price actions remain choppy, trading sideways since a couple of days ago. The market is indecisive now but the traders have to be on the watch for the possible next direction.
For a positive upsurge, the 1550 SAT and 1650 are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at 1100 SAT and 1000 SAT before a possible slip to 900 SAT. The Stochastic RSI is at the overbought zone, waiting for selling pressure when the indicator faces down.
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