XTZ Price Analysis – August 14
In case the market experience bearish breakout at $3.8 support level, the price will drop to $3.3 and a further drop could pull the market to $2.6.
Resistance levels: $4.5, $4.9, $5.5
Support levels: $3.8, $3.3, $2.6
Last two weeks, the coin was on the ranging zone within $3.3 and $2.6 price level. On 08 August, Tezos gains strength despite the selling pressure on all altcoins in the crypto market. The buyers exert pressure and the price increased, broke up the $3.3 and $3.8 former resistance level. The bullish pressure extends towards the $4.5 price level; the level was defended by the bears and pulled back. The $3.8 level holds and the price is consolidating within mentioned price range.
However, the breakout at the resistance level of $4.5 may likely make the bulls to find the resistance at $4.5, $4.9, and $5.5 levels. In case the market experience bearish breakout at $3.8 support level, the price will drop to $3.3 and a further drop could pull the market to $2.6. The Relative Strength Index period 14 is at the 60-level, suggesting a breakout at the lower end of the consolidation zone ($3.8). Sell trade setup at $4.0662, Stop loss at $4.2499 and Take profit at $3.4604
When pairing Tezos with Bitcoin, XTZ is bearish. The price has been moving above the 9 periods EMA at a distance until it hit the resistance level at 3785 SAT. The buyers’ strength became weak and the price started declination towards the dynamic support level of 9 periods EMA. At the beginning of today’s market, the bears dominate. Price declination may continue as RSI is exhibiting a bearish signal at 60 levels.
Looking at the positive side, the 37850 SAT and 4188 SAT are the major resistance levels for the coin. After the bearish breakout, the important support are found at 33250 SAT and 31520 SAT.