XTZ Price Analysis – September 22
Tezos price has been under the bearish movement in the on-going bearish market as its price hovers around $2.1
Resistance levels: $2.5, $2.7, $2.9
Support levels: $1.6, $1.4, $1.2
Despite the fact that all altcoins are under selling pressure, XTZ/USD has been the most successful cryptocurrency with more gains in the market movement today. Since the middle of the last month (August), the Tezos coin has been following the downtrends. XTZ/USD has broken below the $2.5 support level as it moves under the 9-day and 21-day moving average. Today, XTZ/USD touches the daily high of $2.19 but later dropped to where it is currently trading at $2.11.
What is the Next Direction for Tezos (XTZ)?
According to the daily chart, the buyers are managing to power the market again; more bullish movement may likely find the resistance at $2.5, $2.7, and $2.9 levels. Meanwhile, the bulls seem to be re-testing the support level of $2.0 before rising again. In addition, if the market experience more drops, it could hit the nearest support at $1.8 and a further drop could pull the market to $1.6, $1.4, and $1.2 supports. The RSI (14) is moving out of the oversold region, may likely give more bullish signals in the nearest term.
XTZ/BTC Market: Price Remains at the Downside
Against Bitcoin, XTZ is currently changing hands at 2006 SAT and if the bulls can hold the price tight as it is, the coin may likely break above the channel and the next key target price lies at 2350 SAT and 2450 SAT respectively. Reaching these levels may likely move the market to 2650 SAT. Meanwhile, RSI (14) may be moving out of the oversold condition which could give way for the bullish movement.
Meanwhile, if the bulls failed to push the price above the 9-day moving average, the market may continue its bearish movement. More so, XTZ/USD price could see a sharp drop below the descending channel at 1600 SAT support level. Breaking this level could further drag the market to the nearest support levels at 1550 SAT, 1450 SAT, and 1350 SAT respectively.