XTZ Price Analysis – May 6
Tezos price has been under the bear radar in the on-going bearish market as its price hovers around $2.70.
Resistance levels: $3.2, $3.3, $3.4
Support levels: $2.2, $2.1, $2.0
Since the bears set their foot in the crypto market a few days ago, XTZ/USD price has been trading under the market pressure. The price has not been able to prove itself and it is using the 21-day moving average as support. The daily chart for Tezos shows that the price is still dancing to the tune of bears by trading below the 9-day moving average.
However, the daily chart has shown that the sellers are dominating the market. For now, the key support level to watch out for lies at $2.5 and $2.3. A further drop may slip the price at $2.2, $2.1, and $2.0. For a retracement move, the $3.0 resistance is likely to resurface and if it could contain the retracement, the price may further swing to $3.2, $3.3, and $3.4 levels. The RSI (14) is following a downtrend by moving below the 60-level, indicating a bearish movement.
Against Bitcoin, the performance of Tezos (XTZ) has been very low due to a recurring bearish sentiment which has caused the market to fall. More so, the price has moved below the 9-day and 21-day moving averages, following a downward trend since a few weeks ago. The Tezos (XTZ) may likely cross below the lower boundary of the channel now but the traders have to be on the watch for the possible movement.
For a positive upsurge, the 35000 SAT and 37000 SAT are the major resistance levels for the coin for now. Therefore, a negative spike could hit the important support at 24000 SAT and 22000 SAT before a possible slip to 20000 SAT. The RSI (14) focused on the downward movement, giving more selling pressure.
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