XTZ/USD Slides below $4.5 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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Tezos Price Analysis – December 31
Tezos (XTZ) remains under the bearish movement as the coin is yet to break above the moving averages.
XTZ/USD Market
Key Levels:
Resistance levels: $5.0, $5.2, $5.4
Support levels: $3.5, $3.3, $3.1
As reveals by the daily chart, XTZ/USD is seen hovering below the 9-day and 21-day moving averages as the price moves around $4.28 level with the intraday price fluctuations. Today, the Tezos price touches the daily high of $4.52 but later dropped to where it is currently trading. Meanwhile, over the past 24 hours, the coin has done some little shifts and the latest loss is around 1.38%.
Tezos Price Analysis: Tezos (XTZ) May Consolidates below Moving Averages
The daily chart reveals that the buyers failed to push the coin above the 9-day and 21-day moving averages. However, if the bulls can successfully push the price above this barrier, the nearest resistance level may be located at $4.8 as a further bullish movement may take the price to the potential resistance levels at $5.0, $5.2, and $5.4.
On the contrary, if XTZ/USD continues to drop below the 9-day and 21-day moving averages and moves toward the lower boundary of the channel, the next key support may likely come at $4.0. However, should the bulls fail to hold this support level; the price may further swing to the support levels at $3.5, $3.3, and $3.1. Nevertheless, the technical indicator Relative Strength Index (14) is currently moving above 40-level, suggesting more bearish signals into the market.
XTZ/BTC Market: Consolidating to the Downside
Against Bitcoin, Tezos has been moving sideways around the 9-day and 21-day moving averages. Its performance has been very low due to a recurring bearish sentiment which has been keeping the market at the downside. Meanwhile, the price actions remain choppy as the coin keeps following the sideways movement since last month.
However, the market is indecisive now but the traders have to be on the watch for the possible next direction. Therefore, for a positive upsurge, the 1060 SAT and above are the major resistance levels for the coin. Meanwhile, a negative spike could retest the nearest support at 9000 SAT before a possible slip to 8000 SAT and below but the technical indicator Relative Strength Index (14) is moving around 50-level, indicating sideways movement.
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