XTZ Price Analysis – March 6
XTZ/USD bullish bias is still dominant on average, but the coin needs to reclaim previous resistance above the moving averages.
Resistance levels: $5.0, $5.5, $6.0
Support levels: $2.5, $2.0, $1.5
After a slight pullback to $3.71 early today, XTZ/USD quickly bounced back to touch $4.0 to keep buyers on track. According to the daily chart, Tezos is currently trading around $3.79 as the bulls are eyeing $5 on the upside. From above, the price is likely to move above $4.0 and $4.5 resistance levels if the coin manages to cross above the 9-day and 21-day moving averages but as it is now, it might be difficult for this to happen as the 9-day MA still remains below the 21-day MA.
What is the Next Direction for Tezos?
As the market price hovers within the moving averages, if the bulls push the coin above the 9-day and 21-day moving averages, it is likely to hit the nearest resistance level at $4.5. A further movement may take the price to $5.0, $5.5, and $6.0 resistance levels as the technical indicator RSI (14) towards the 50-level. In other words, if the market drops below the lower boundary of the channel, the critical supports could be found at $2.5, $2.0, and $1.5 respectively.
XTZ/BTC Market: Consolidating to the Upside
When compares with Bitcoin, XTZ is currently changing hands at 7995 SAT within the 9-day and 21-day moving averages. If the bulls can hold the price, the next key target price could be found at 10000 SAT and 11000 SAT respectively. Meanwhile, RSI (14) is moving around the 50-level, which simply means the market is still on average.
However, if the bulls fail to push the price above the moving averages, the market may focus on the bearish trend and XTZ/USD price may likely see a sharp drop below the moving averages at the 7000 SAT support level. Further movement towards the south may drag the coin to the nearest support levels at 6000 SAT and below.