XTZ Price Analysis – December 7
Tezos (XTZ) gains 4.36% in the last 24 hours and remained above $1.40 throughout the day. It showed enormous volatility in the intraday market yesterday.
Resistance levels: $1.55, $1.60, $1.65
Support levels: $1.30, $1.25, $1.20
Tezos continues to battle the 7month old descending trend line to climb higher. The cryptocurrency looks ready to surge against Bitcoin as the RSI (14) lines up for a bullish crossover into the overbought zone. In the short term, we must see Tezos breaking above the channel. Alternatively, if the sellers push the market beneath $1.13, we could consider XTZ in a bearish market.
However, the daily chart has shown that buyers are dominating the market. For now, the key resistance level to watch out for lies at $1.48 and $1.52. A further upward movement may take the price to $1.55, $1.60 and $1.65. For a retesting move, the $1.35 support is likely to resurface again. If the $1.35 could not contain the retesting, the price may further drop to $1.30, $1.25 and $1.20 levels. The RSI (14) is moving towards the overbought, indicating an upward movement.
Comparing with Bitcoin, Tezos’ performance has been very high due to a recurring bullish sentiment which has caused the market to rise. In other words, the price actions remain in an upward trend for a couple of days ago. The market is moving higher now but the traders have to be on the watch for a possible downward trend.
More so, for a positive upsurge, the 2080 SAT and 2180 are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at 1900 SAT and 1800 SAT before a possible slip to 1730 SAT. The RSI (14) moves into the overbought zone, waiting for selling pressure when the indicator faces down.
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