XTZ Price Analysis – July 1
Tezos (XTZ) rebounds at the support provided by the $2.32 level but it failed to break above $2.5.
Resistance levels: $2.6, $2.7, $2.8
Support levels: $2.1, $2.0, $1.9
At the time of writing, XTZ/USD has been maintaining its price movement above $2.35 support level with the intraday price fluctuations. However, the overall bullish market of the cryptocurrencies seems not to have affected Tezos much. Over the last 24 hours, the coin has done some significant shifts and the latest gain is around 1.29%.
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 crossing the upper boundary of the channel, the nearest resistance level lies at $2.55. A further movement may take the price to $2.6, $2.7, and $2.6 resistance levels.
In other words, if the market begins to drop, the next key support may likely be at $2.2, and should the bulls fail to hold the support level, the price may further swing to $2.1, $2.0, and $1.9 levels. The RSI (14) is about to cross above 40-level, indicating an upward movement at the moment.
Against Bitcoin, XTZ is currently changing hands at 25995 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 28500 SAT and 30500 SAT respectively. Meanwhile, RSI (14) is moving towards the 40-level, which simply means more bullish signals may likely play out.
However, if the bulls couldn’t 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 descending channel at 24000 SAT support level moving below the moving averages to the nearest support levels at 23500 SAT and below.