XTZ Price Analysis – February 12
XTZ/USD has been one of the outperformers in the crypto market for the past few days now, the coin trades 3.86% higher today as the bulls take charge.
Resistance levels: $3.5, $3.7, $3.9
Support levels: $2.5, $2.3, $2.1
The cryptocurrency market is on fire as digital assets explode in splendid gains. Tezos (XTZ) among the biggest single-digit gainers following the over 15% intriguing surge in the last 24 hours. The crypto thrust past the resistance at $2.9 and at $3.0 respectively. A new all-time high has been achieved at $3.06 and the bulls are working had to hold onto the gains posted.
However, the daily chart has shown that buyers are dominating the market. For now, the key resistance level to watch lies at $3.2 and $3.4. A further upward movement may take the price to $3.5, $3.7 and $3.9. For a retesting move, the $2.7 support is likely to resurface again. If the $2.7 could not contain the retesting, the price may further drop to $2.5, $2.3 and $2.1 levels. The RSI (14) is moving within the overbought, indicating an upward movement.
When comparing with Bitcoin, Tezos (XTZ) performance has been very high due to a recurring bullish sentiment which has caused the market to rise heavily. However, the price actions still maintain 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.
Moreover, for more positive upsurges, the 34000 SAT and 36000 SAT are the major resistance levels for XTZ/BTC. Therefore, a negative spike may likely go back to retest the critical support at 28000 SAT and 26000 SAT before a possible slip to 24000 SAT and below. The RSI (14) moves into an uptrend, swimming in the overbought territory.
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