Tezos Price Analysis – October 12
Tezos (XTZ) is facing a serious decline in the value of 2.45% after been rejected at a $7.0 resistance level.
Resistance levels: $8.0, $8.5, $9.0
Support levels: $5.5, $5.0, $4.5
XTZ/USD keeps following the downward trend as the coin has not been able to prove itself while still using the 21-day moving average as support. Looking at the daily chart, the Tezos price shows that the price is still moving within the channel, and the price has not been able to make a good recovery above the 21-day MA but currently retreating below the open price.
Tezos Price Analysis : Tezos (XTZ) May Claim More Downtrends
The Tezos (XTZ) remains below the 9-day and 21-day moving averages, should the sellers continue to power the market and push the price towards the lower boundary of the channel; they could find support levels at $5.5, $5.0, and $4.5. Therefore, bulls seem to be re-testing the support level of $6.7 before rising again.
However, if the market experiences an upward trend, it could hit the potential resistance at $7.5 and a further bullish movement could reach the resistance levels of $8.0, $8.5, and $9.0. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below 50-level, suggesting more bearish signals into the market.
XTZ/BTC Market: May Follow the Bearish Movement
Looking at the daily chart, XTZ/BTC is bearish. The price formed a downward trend on the chart as it consolidates within the channel. Moreover, Tezos bears have successfully dragged the price below the 9-day and 21-day moving averages, any further movement below the lower boundary of the channel could take the coin to the support levels of 10000 SAT and below.
Looking at the technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are still putting pressure on the bulls as the signal line may cross below 40-level. However, if the bulls can regroup and halt the downward movement, The Tezos price could begin an uptrend but trading above the 9-day and 21-day moving averages in other to reach the resistance level of 14000 SAT and above.