XTZ Price Analysis – April 17
Tezos (XTZ) price hovers around $2.10 but fails to maintain stability above $2.15.
Resistance levels: $2.5, $2.6, $2.7
Support levels: $1.7, $1.6, $1.5
Despite the fact that all altcoins are under selling pressure, XTZ/USD has been the most successful cryptocurrency with a few gains in the past days. Since the beginning of this month, the buying volume of Tezos has been considerable. But looking at the daily chart, the Tezos price is still trading above the 9-day and 21-day moving averages.
However, should the buyers manage to power the market; they may likely find the resistance at $2.5, $2.6 and $2.7 levels. More so, the bulls seem to be re-testing the support level of $2.0 before rising again. If the market experience more drops, it could hit the nearest support at $1.7 and a further drop could pull the market to $1.6 and $1.5 respectively. The MACD signal lines are about to cross into the positive, indicating more bullish signals in the nearest term.
Against Bitcoin, XTZ is currently changing hands at 29652 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 33000 SAT and 35000 SAT respectively. Reaching these levels may likely move the market to 37000 SAT. Meanwhile, the signal lines of MACD may be moving out of the negative side soon which could give way for the bullish movement.
Moreover, if the bulls couldn’t push the price to the potential resistance, the market may soon resume its bearish trend. More so, XTZ/USD price may touch the 28000 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 26000 SAT and 24000 SAT respectively.
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