Tezos Price Analysis – June 3
Tezos price is declining by the value of 4.05% after being rejected at a $1.98 resistance level.
XTZ/USD Market
Key Levels:
Resistance levels: $2.60, $2.80, $3.00
Support levels: $1.30, $1.10, $0.90
XTZ/USD is following the sideways movement as the price failed to prove itself above the 9-day and 21-day moving averages. Looking at the daily chart, the Tezos price shows that the price is still moving within the descending channel, though the price ranges at the time of writing.
Tezos Price Analysis: Tezos (XTZ) Could Stay at the Downside
The Tezos price is seen below the 9-day and 21-day moving averages, should 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 $1.30, $1.10, and $0.90. Therefore, bulls may be re-testing the support level of $1.80 before rising again.
However, if the market experiences an upward trend, it could hit the nearest resistance at $2.0; any further bullish movement above the upper boundary of the channel could reach the resistance levels of $2.60, $2.80, and $3.00 respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving below the 50-level, indicating bearish signals in the nearest term.
XTZ/BTC Market: May Cross to the Downside
Looking at the daily chart, XTZ/BTC is bearish as the price keeps forming a downward trend on the chart while consolidating within the channel. In the meantime, the bears are still keeping the price below the 9-day and 21-day moving averages. Therefore, any further movement could take the coin to the support level of 5600 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 the 40-level. However, if the bulls can regroup and halt the downward movement, the Tezos price could begin an uptrend, crossing above the upper boundary of the channel may locate the potential resistance level of 7400 SAT and above.
