XTZ Price Analysis – January 10
Tezos (XTZ) rebounded at the support provided by the $1.25 level but it failed to break above $1.35.
Resistance levels: $1.50, $1.60, $1.70
Support levels: $1.10, $1.0, $0.09
At the time of writing, XTZ/USD has been maintaining its price movement above $1.30 support level with the intraday price fluctuations. However, the overall bullish market of the cryptocurrencies seems not to have affected Tezos much. Over the last 24 hours, the coin has done some significant shifts and the latest gain is around 2.86%.
Moreover, the daily chart has shown that the buyers are making an effort to step into the market. If the bulls can push the price above the 9-day and 21-day moving averages crossing the upper boundary of the channel, the nearest resistance level lie at $1.40. A further movement may take the price to $1.50, $1.60 and $1.70 resistance levels.
In other words, if the market begins to drop, the next key support may likely be at $1.20 and should the bulls fail to hold the support level, the price may further swing to $1.10, $1.00 and $0.09 levels. The RSI (14) is moving in sideways around 45-level, indicating an indecisive market at the moment.
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, started a sideways movement 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 19000 SAT and 20000 SAT are the major resistance levels for the coin for now. More so, a negative spike could retest the important support at 15000 SAT before a possible slip to 14000 SAT and below. The RSI (14) is moving in the same direction, indicating a sideways movement.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.