XTZ Price Analysis – February 22
Tezos (XTZ) has faced a decline in the value of 3% over the last 24 hours.
Resistance levels: $3.9, $4.0, $4.1
Support levels: $2.9, $2.8, $2.7
Despite the fact that all altcoins are under selling pressure, XTZ/USD has been the most successful cryptocurrency with more gains in recent weeks. Since the beginning of this month, the buying volume of Tezos has been considerable. Tezos has broken below the $3.5 support level as it moves under the 9-day MA. Beforehand, the XTZ/USD price reached $3.76 as the market opened yesterday but later dropped below $3.5.
However, should the buyers manage to power the market; they may likely find the resistance at $3.9, $4.0 and $4.1 levels. More so, the bulls seem to be re-testing the support level of $3.35 before rising again. If the market experience more drops, it could hit the nearest support at $2.9 and a further drop could pull the market to $2.8 and $2.7 respectively. The RSI (14) is about crossing down from the overbought zone, indicating more bearish signals in the nearest term.
Against Bitcoin, XTZ is currently changing hands at 35239 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 40000 SAT and 42000 SAT respectively. Reaching these levels may likely move the market to 44000 SAT. Meanwhile, RSI (14) may be moving out of the overbought condition soon which could give way for the bearish movement.
Moreover, if the bulls couldn’t push the price to the potential resistance, the market may resume its bearish trend. More so, XTZ/USD price may likely see a sharp drop below the descending channel at 32000 SAT support level as it moves below the 9-day moving average. Breaking this level could further push the market to the nearest support levels at 30000 SAT, 28000 SAT, and 26000 SAT respectively.
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