XTZ Price Analysis – July 24
Tezos (XTZ) price hovers around $3.11 but fails to maintain stability above $3.2.
Resistance levels: $3.5, $3.6, $3.7
Support levels: $2.8, $2.7, $2.6
Despite the fact that all altcoins are under selling pressure, XTZ/USD has been the most successful cryptocurrency with a few gains in the past few days. Since the beginning of this month, the buying volume of Tezos has been considerable. But looking at the daily chart, the Tezos price is still trading above the 9-day and 21-day moving averages.
However, should the buyers manage to power the market; they may likely find the resistance at $3.5, $3.6, and $4.1 levels. More so, the bulls seem to be re-testing the support level of $3.0 before rising again. If the market experience more drops, it could hit the nearest support at $2.8 and a further drop could pull the market to $2.7 and $2.6 respectively. The RSI (14) is about to cross below the 60-level, suggesting more bearish signals in the nearest term.
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 price is moving below the 9-day moving average, following a downward trend since the beginning of today’s trading. The Tezos (XTZ) may likely cross below the 21-day moving average if the market continues to have more negative moves.
Meanwhile, for a positive upsurge, the 37000 SAT and 38000 SAT are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at 27000 SAT and 26000 SAT before a possible slip to 25000 SAT. The RSI (14) focused on the downward movement, giving more selling pressure.