Tezos Price Analysis – September 26
According to the daily chart, Tezos (XTZ) is currently showing signs that it is ready to recover the previous losses.
Resistance levels: $8.0, $8.5, $9.0
Support levels: $5.5, $5.0, $4.5
XTZ/USD price has been hovering above the 9-day and 21-day moving averages, the technical indicator Relative Strength Index (14) suggests that XTZ/USD is poised to recover all the previous losses. Therefore, if the buy orders begin to pile up, the Tezos price could rise towards the upper boundary of the channel. Meanwhile, the technical indicator predicts that a spike in resistance could push the Tezos prices to higher levels.
Tezos Price Analysis: XTZ Price Could Double
The daily chart reveals that the Tezos price could double if it breaks above the crucial resistance. The Tezos (XTZ) has staged a significant recovery following the crypto market’s flash crash on the second week of this month. The Tezos price has rebounded by nearly 80%, rising from a low of $3.89 to a high of $6.85. The first key resistance on the upside is near the $7.5 level. The next major resistance on the upside is near the $8.0, $8.5, and $9.0 above the channel trend line.
However, a successful close above the channel might open the doors for a push towards the higher levels. On the downside, initial support is expected below the 9-day and 21-day moving average in the event a reversal comes into the picture from the prevailing price levels. More so, the bearish movement below the moving averages may come in handy at $6.0. Other lower support levels may be located at $5.5, $6.0, and $6.5 respectively.
XTZ/BTC Market: Price Stays Above the Moving Averages
When compares with Bitcoin, the Tezos price is currently changing hands at 1580 SAT and if the bulls can hold the current market value and push it towards the upper boundary of the channel, the coin may likely hit the next key resistance at 1850 SAT and above. Meanwhile, the Relative Strength Index (14) is likely to cross below 60-level which could give way for the bearish movement.
Therefore, if the bulls failed to keep the market price above the 9-day moving average, XTZ/BTC may continue its bearish movement and could see a sharp drop below the 21-day moving average. Breaking this barrier could drag it to the critical support level of 1350 SAT and below.