XTZ Price Analysis – March 31
The Tezos (XTZ) bullish bias is still dominant, but the coin needs to reclaim previous resistance.
Resistance levels: $5.5, $5.7, $5.9
Support levels: $3.5, $3.3, $3.1
After a slight pullback to $4.22 early today, XTZ/USD quickly bounced back to touch $4.77 to keep buyers on track. According to the daily chart, Tezos (XTZ) is currently trading around $4.75 against the USD; the bulls are eyeing $5.0 on the upside. From above, the price is likely to reach a $4.9 resistance level if the coin manages to clear the resistance at $4.8.
What to Expect from Tezos
If the bulls continue to push the market price above the upper boundary of the channel, the nearest resistance level could be located at $5.0. However, a further bullish movement may likely take the price to $5.5, $5.7, and $5.9 resistance levels as the technical indicator RSI (14) moves above 60-level. In other words, if the market price drops below the moving averages to cross the lower boundary of the channel, the next key supports may be found at $3.5, $3.3, and $3.1.
XTZ/BTC Market: Consolidates within the Downside
Against Bitcoin, XTZ is currently changing hands at 8275 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 9500 SAT and above. Meanwhile, the technical indicator RSI (14) prepares to cross above the 60-level, which simply means the market may create an upward trend if it successfully crosses above the barrier.
On the contrary, if the bulls fail to push the price above the channel, XTZ/BTC may resume its bearish trend and the coin could see a sharp drop below the moving averages at 7000 SAT support level. Further movement towards the south may drag the coin to the nearest support levels at 6700 SAT and below.