XTZ Price Analysis – February 28
Today, Tezos (XTZ) rebounded at the support provided by the $3.2 level but it failed to break above the $3.6 resistance level.
Resistance levels: $4.5, $5.0, $5.5
Support levels: $2.5, $2.0, $1.5
At the time of writing, XTZ/USD has been maintaining its price movement above the $3.2 support level with the intraday price fluctuations. However, the overall bearish market of cryptocurrencies seems to be affecting Tezos too. Over the last 24 hours, the coin has been consolidating below the 9-day and 21-day moving averages with a loss of 4.77%.
What is the Next Direction for Tezos?
The daily chart has shown that the bears are making an effort to step into the market. If the sellers can push the price below the lower boundary of the channel, the nearest support level could be found at $3.0. A further bearish movement may take the price to $2.5, $2.0, and $1.5 support levels.
On the other hand, if the market begins to rise, the next key resistance may likely be at $4.0, and crossing above the moving averages may cause the price to swing to the resistance levels of $4.5, $5.0, and $5.5. Meanwhile, the technical indicator RSI (14) is moving around 45-level, indicating an indecisive market at the moment.
XTZ/BTC Market: Range-Bounds within the Channel
Comparing with Bitcoin, the performance of Tezos has been very low due to a recurring bearish sentiment which has caused the market to fall. However, the daily chart reveals that the price actions remain choppy as the coin keeps following sideways movement. For now, the market is indecisive but the traders have to be on the watch for the possible next direction.
Meanwhile, for a positive upsurge, the 9300 SAT and above are the major resistance levels for the coin for now but a negative spike could test the important support at 7000 SAT before a possible slip to the critical supports at 6100 SAT and below. Moreover, the technical indicator RSI (14) is moving in the same direction around 45-level, indicating a sideways movement.