XTZ Price Analysis – May 28
The Tezos (XTZ) bullish bias is still dominant, but the coin needs to reclaim previous resistance.
Resistance levels: $3.2, $3.3, $3.4
Support levels: $2.4, $2.3, $2.2
After a slight pullback to $2.7 early today, XTZ/USD quickly bounced back to touch $2.80 to keep buyers on track. According to the daily chart, Tezos is currently trading around $2.77 against the USD; the bulls are eyeing $3 on the upside. From above, the price is likely to reach $3.0 and $3.1 resistance levels if the coin manages to clear the current monthly resistance at $2.90.
Moreover, if the bulls can push the price above the upper boundary of the channel, the nearest resistance level lies at $3.0. A further movement may take the price to $3.2, $3.3, and $3.4 resistance levels. In other words, if the market drops below the moving averages, the next key supports could be at $2.4, $2.3, and $2.2. The RSI (14) is moving in sideways below 60-level.
Against Bitcoin, XTZ is currently changing hands at 29455 SAT within the 9-day and 21-day moving averages. If the bulls can hold the price, the next key target price lies at 35000 SAT and 37000 SAT respectively. Meanwhile, RSI (14) is moving around the 49.77-level, which simply means the market is still on the average.
However, if the bulls fail to push the price above the upper channel, the market may continue its bearish trend and XTZ/USD price may likely see a sharp drop below the moving averages at 27000 SAT support level. Further movement towards the south may drag the coin to the nearest support levels at 24000 SAT and beyond.
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