XTZ Price Analysis – September 9
Tezos (XTZ) rebounded at the support provided by the $2.30 level but it failed to break above $2.60.
Resistance levels: $3.0, $3.2, $3.4
Support levels: $2.0, $1.8, $1.6
At the time of writing, XTZ/USD has been maintaining its price movement above $2.4 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 shifts and the latest gain is around 3.54%.
What Is the Next Direction for Tezos?
The daily chart is showing that the buyers are making an effort to step back into the market. Meanwhile, 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 $2.8. A further movement may take the price to $3.0, $3.2, and $3.4 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 $2.0, $1.8, and $1.6 levels. The RSI (14) is moving in sideways below 40-level, indicating an indecisive market at the moment.
XTZ/BTC Market: Consolidating to the Downside
Against Bitcoin, Tezos’ performance has been very low due to a recurring bearish sentiment which has caused the market to fall. In other words, the price actions remain choppy, started a sideways movement since a few days ago. The market is indecisive now but the traders have to be on the watch for the possible next direction.
For a positive upsurge, the 30000 SAT and 32000 SAT are the major resistance levels for the coin for now. More so, a negative spike could retest the important support at 22000 SAT before a possible slip to 20000 SAT and below. The RSI (14) is moving in the same direction, indicating a sideways movement.