Tezos Price Analysis – May 11
According to the daily chart, the bears take over as the Tezos price retreats below the 9-day and 21-day moving averages.
Resistance levels: $2.8, $3.0, $3.2
Support levels: $1.2, $1.0, $0.8
XTZ/USD touches a daily high of $2.1, after which it begins to retreat below the 9-day and 21-day moving averages. However, the decline may continue if the bulls fail to push the price to the upside. Meanwhile, the Relative Strength Index (14) moves into the oversold region to continue the downward movement.
Tezos Price Analysis: What Could Be the Next Direction for Tezos?
According to the daily chart, the Tezos price may likely find support levels at $1.2, $1.0, and $0.8 if the bears bring the coin below the lower boundary of the channel. But, if the bulls hold the support at $1.8, the market price may begin to climb higher as the traders may expect immediate resistance to be located above the 9-day and 21-day moving averages while the higher resistance lies at $2.8, $3.0, and $3.2 levels respectively.
XTZ/BTC Market: Price Retreats Below 7000 SAT
Against Bitcoin, the Tezos price is trading within the channel as the coin stays below the 9-day and 21-day moving averages; Tezos (XTZ) may remain perpetually in the downward movement if the bears keep the coin below the moving averages. Meanwhile, the buyers need more strong and consistent resistance to push the price to the upside.
For now, with the current movement on the daily chart, if the price breaks below the lower boundary of the channel, it may likely reach the critical support levels at 5400 SAT and below. On the contrary, if the market could move towards the upper boundary of the channel, the Binance price could hit the resistance level of 7500 SAT and above as the technical indicator Relative Strength Index (14) prepares to cross into the oversold region.