XTZ Price Analysis – June 4
Tezos price is under the bear radar in the on-going bearish market as its price hovers around $2.97.
Resistance levels: $3.5, $3.6, $3.7
Support levels: $2.5, $2.4, $2.3
As soon as the bears set their foot in the crypto market today, 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 as the coin fails to cross above the channel.
However, the technical indicator has shown that the sellers are dominating the market. For now, the key support level to watch out for lies at $2.5, $2.4, and $2.3. 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 $3.5, $3.6, and $3.7 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 coin is trading the 9-day and 21-day moving averages. The Tezos (XTZ) may likely cross above the upper boundary of the channel now but the traders need to be on the watch for the possible movement.
For a positive upsurge, the 34000 SAT and above are the major resistance levels for the coin for now. Therefore, a negative spike could hit the important support at 27000 SAT and beyond. The technical indicator RSI (14) focuses on the downward movement, may give more selling pressure.
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