XTZ Price Analysis – June 18
Tezos (XTZ) rebounded at the support provided by the $2.56 level but it failed to break above $2.78.
Resistance levels: $3.0, $3.1, $3.2
Support levels: $2.4, $2.3, $2.2
At the time of writing, XTZ/USD has been maintaining its price movement above $2.60 support level with the intraday price fluctuations. However, the overall bearish market of the cryptocurrencies is also affecting Tezos much. Over the last 24 hours, the coin has done some significant shifts and the latest gain is around 0.48%.
Moreover, the daily chart has shown that the buyers are making an effort to step into the market. If the bulls can push the price above the 9-day and 21-day moving averages, the nearest resistance level lies at $2.80. A further movement may take the price to $3.0, $3.1, and $3.2 resistance levels.
In other words, if the market begins to drop, the next key support may likely be at $2.50, and should the bulls fail to hold the support level, the price may further swing to $2.4, $2.3, and $2.2 levels. The RSI (14) is moving towards the north, indicating a bullish movement within the market at the moment.
Against Bitcoin, XTZ is currently changing hands at 28754 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 32000 SAT and 34000 SAT respectively. Meanwhile, RSI (14) is moving towards the 50-level, which simply means the market bullish.
However, if the bulls fail to push the price to the potential resistance, the market may resume its bearish trend and XTZ/USD price may likely see a sharp drop below the channel at 27000 SAT support level while the nearest supports lie at 26000 SAT and below.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.