XTZ Price Analysis – October 18
Tezos (XTZ) remains under the bearish movement as the coin is yet to break above the channel.
Resistance levels: $2.6, $2.8, $3.0
Support levels: $1.9, $1.7, $1.5
According to the daily chart, XTZ/USD is seen hovering around the 9-day and 21-day moving averages as the price moves at the $2.22 level with the intraday price fluctuations. Today, the Tezos price touches the daily high of $2.24 but later dropped to where it is currently trading. Over the past 24 hours, the coin has done some little shifts and the latest gain is around 1.69%.
What to Expect from Tezos (XTZ)
The daily chart reveals that the buyers are making an effort to push the coin above the upper boundary of the channel. Meanwhile, if the bulls can successfully push the price above the moving averages, the nearest resistance level may be located at $2.5. Meanwhile, a further bullish movement may take the price to the potential resistance levels at $2.6, $2.8, and $3.0.
On the contrary, if XTZ/USD continues to drop below the moving averages, the next key support may likely be at $2.0, and should the bulls fail to hold this support level, the price may further swing to the supports at $1.9, $1.7, and $1.5 levels. Nevertheless, the RSI (14) is currently moving above the 45-level, suggesting more bullish signals into the market.
XTZ/BTC Market: Consolidating to the Downside
Against Bitcoin, Tezos has been moving sideways below the 9-day and a21-day moving averages. Its performance has been very low due to a recurring bearish sentiment which has caused the market to fall gradually. Meanwhile, the price actions remain choppy as the coin keeps following the sideways movement since last month.
However, the market is indecisive now but the traders have to be on the watch for the possible next direction. For a positive upsurge, the 2200 SAT and 2400 SAT are the major resistance levels for the coin for now. Meanwhile, a negative spike could retest the important support at 1800 SAT before a possible slip to 1700 SAT and below but the RSI (14) is moving above the 40-level, indicating a bullish signal.