XTZ Price Analysis – May 16
The Tezos (XTZ) bullish bias is still dominant, but the coin needs to reclaim previous resistance.
Resistance levels: $3.0, $3.1, $3.2
Support levels: $2.0, $1.9, $1.8
After a slight pullback to $2.5 early today, XTZ/USD quickly bounced back to touch $2.69 to keep buyers on track. According to the daily chart, Tezos (XTZ) is currently trading around $2.64 against the USD; the bulls are eyeing $2.8 on the upside. From above, the price is likely to reach $2.9 resistance level if the coin manages to clear the resistance at $2.8.
However, if the bulls push the price above the 9-day and 21-day moving averages within the channel, the nearest resistance level lies at $2.9. A further movement may take the price to $3.0, $3.1, and $3.2 resistance levels as the technical indicator RSI (14) faces the north. In other words, if the market drops below the channel, the next key supports could be at $2.0, $1.9, and $1.8.
Against Bitcoin, XTZ is currently changing hands at 28248 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 34000 SAT and 36000 SAT respectively. Meanwhile, RSI (14) is moving above the 45-level, which simply means the market may follow an upward trend.
However, if the bulls fail to push the price above the moving averages, the market may resume its bearish trend and XTZ/USD may likely see a sharp drop below the descending channel at 23000 SAT support level. Further movement towards the south may drag the coin to the nearest support levels at 21000 SAT and beyond.
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