XTZ Price Analysis – January 14
According to the daily chart, Tezos (XTZ) is currently showing signs that it is ready to recover the losses.
Resistance levels: $2.9, $3.0, $3.1
Support levels: $2.2, $2.1, $2.0
Despite the massive losses incurred in the past few days, the technical indicator RSI (14) suggests that XTZ/USD is poised to rebound. Therefore, if the buy orders begin to pile up, XTZ could rise from $2.5 to $ 3.0 or higher. More so, the technical indicator reveals that a spike in resistance may likely come to play in other to push the Tezos prices close to the upper boundary of the channel.
What to Expect from Tezos (XTZ)
If the Tezos’ price continues a corrective increase, it could climb above the $2.8 resistance. The first key resistance on the upside is near the $2.9 level. The next major resistance on the upside is near the $3.0 and $3.1 above the channel trend line. Therefore, a successful close above this level may likely open the doors for a push towards the higher levels.
On the other hand, initial support is expected below the 21-day moving average in the event a reversal comes into the picture from the prevailing price levels. More so, the 9-day moving average may also come in handy at $2.4. Other lower support levels include $2.2, $2.1, and $2.0 respectively.
XTZ/BTC Market: Continues Keeping the Downtrend
Against Bitcoin, the Tezos price is currently changing hands at 6458 SAT as the coin continues to follow the downtrend below the 9-day and 21-day moving averages, XTZ/BTC may likely hit the next key support at 4700 SAT and above if the bearish movement continues. Meanwhile, the technical indicator RSI (14) is nose-diving towards the oversold condition which could give way for more bearish movement.
However, if the bulls push the market price above the moving averages, XTZ/BTC could see a sharp rise towards the resistance level of 7200 SAT. Breaking this level could further take the market price above the upper boundary of the channel which may likely hit the potential resistance levels of 8000 SAT and above.