Tezos Price Analysis – January 24
The Tezos (XTZ) is currently facing a serious decline in the value of 9.42% after opening today’s trading at $3.0.
Resistance levels: $3.5, $3.7, $3.9
Support levels: $2.2, $2.0, $1.8
XTZ/USD continue to follow the downward trend as the price has not been able to prove itself while still using the trend line of the channel as support. However, the Tezos price reveals that the coin still remains within the channel, though the crypto made a good recovery yesterday by touching the resistance level of $3.16 after which it later retreated below.
Tezos Price Analysis: Tezos (XTZ) Ready to Break More Downs
The Tezos price continues to move below the 9-day and 21-day moving averages but if the sellers continue to power the market and push the price below the lower boundary of the channel; they may likely find support levels at $2.2, $2.0, and $1.8. Therefore, bulls seem to be re-testing the support level of $2.3 before rising again.
However, if the market experiences an upward trend, it could hit the potential resistance at $3.2 and a further bullish movement could reach the resistance levels of $3.5, $3.7, and $3.9 respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving into the oversold region, indicating more bearish signals in the nearest term.
XTZ/BTC Market: May Follow the Bearish Movement
According to the daily chart, the Tezos price is following a bearish movement. The price continues to form a downward trend on the chart as it consolidates within the channel. Moreover, Tezos bears are currently successfully dragging 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 7000 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 moves to cross into the oversold region. 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 may push it to the resistance level of 9000 SAT and above.