XTZ Price Analysis – January 23
Tezos price is mostly under the bull radar in the on-going bullish market; its price hovers around $1.56 but fails to maintain stability above $1.60.
Resistance levels: $1.75, $1.80, $1.85
Support levels: $1.35, $1.30, $1.25
XTZ/USD price has been following a sideways movement 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 $1.56 to $1.62, despite the fact that the price made a good recovery from the beginning of this year, moving from $1.22 to $1.59.
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 $1.40 and a further drop may slip the price to $1.35, $1.30 and $1.25. For a retracement move, the $1.60 resistance is likely to resurface before the rally continues.
More so, if $1.60 could not contain the retracement, the price may further swing to $1.75, $1.80 and $1.85 levels. The RSI (14) is moving in sideways above 60-level, indicating an indecisive market.
Against Bitcoin, the performance of Tezos (XTZ) has been very high due to a recurring bullish sentiment which has caused the market to rise. More so, the price actions still remain in an upward trend and the market is moving higher now above the 9-day and 21-day moving averages, the traders would have to be on the watch for a possible downward trend.
However, for a positive upsurge, the 21000 SAT and 22000 SAT are the major resistance levels for the coin for now. Therefore, a negative spike may likely retest the important support at 18000 SAT and 17000 SAT before a possible slip to 16000 SAT and below. The RSI (14) moves into an uptrend, waiting to touch the 60-level.
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