Tezos Price Analysis – December 4
Tezos (XTZ) is currently facing a serious decline in the value of 9.73% after been rejected at a $4.96 resistance level.
Resistance levels: $6.0, $6.5, $7.0
Support levels: $2.5, $2.0, $1.5
XTZ/USD is now moving towards the south as the price failed to break above the $4.96 resistance level now hovering below the 9-day and 21-day moving averages. Looking at the daily chart, Tezos (XTZ) shows that the price is still moving within the descending channel, though the price made a slight recovery during the European session today by touching $4.96 daily high after which it is now retreating and touched the daily low of $3.42 support.
Tezos Price Analysis: Tezos Price Ready to Break into the Oversold
The Tezos price remains below the 9-day and 21-day moving averages, therefore, should the buyers manage to power the market; they may likely find resistance at $6.0, $6.5, and $7.0 levels. Nevertheless, bulls needs to hold the current level of $4.3 to begin an upward movement.
On the contrary, if the market experience more drops, it could hit the nearest support at $3.0 and a further drop below the lower boundary of the channel could pull the market to the support level of $2.5, $2.0, and $1.5 respectively. The technical indicator Relative Strength Index (14) is seen preparing to enter into the oversold region, indicating additional bearish signals in the nearest term.
XTZ/BTC Market: Tezos Price Continues to Range-bound
Looking at the daily chart, XTZ/BTC is moving sideways as the price is likely to form a downward trend on the daily chart but it may continue to consolidate within the channel. Moreover, Tezos bears are likely to drag the price below the 9-day and 21-day moving averages, any further movement could take the coin to the support level of 6100 SAT and below.
Looking at the technical indicator, the Relative Strength index (14) on the daily chart, it appears that bears are likely to put pressure on the bulls as the signal prepares to cross below 45-level. In other words, if the bulls can regroup and halt the downward movement, the Tezos price may begin an uptrend and cross above the upper boundary of the channel to reach the resistance level of 1200 SAT and above.