Tezos (XTZ) Analysis: Bears Taking Over the Market, Key Levels to Watch

Bitcoin, as the king of all cryptocurrencies, has a great influence on altcoins. It influences the price of other crypto assets more often than the traders want. If BTC moves up, most coins are up and when it is down, others are down. 

As soon as Bitcoin starts surging, Tezos (XTZ) went bullish. This made it possible for Tezos to record its monthly high of $2.43.

October started at a disturbing note for the cryptocurrency as prices started dropping from $2.29 on the first day of the month and stopped at $2.04 on the second day. After the drop, prices started consolidating in the course of four days until it got $2.14.  

As soon as prices got to $2.14, it experienced a little sell-off that brought prices down to $2.09. After the sell-off, traders rallied the market back up, which sent the market almost to the overbought region. As a result of the traders’ actions, the price went back up to $2.20. Unfortunately, bears took over the market and brought the market down to $2.04, after which it consolidated $2.08 before the end of the day. 

All the actions stated above took place on October 6. So far, Last Tuesday saw more price actions. The following days saw little price actions but record tezos price climb gently with more bullish moments than bears.

The month’s major highlight started this week when prices started to rise at a fast pace and got to the highest this month. Unfortunately, bulls could not hold the market for long as prices started to drop on October 14.

XTZUSD

  • Key Support Levels: $2.20, $2.22, $2.24
  • Key Resistance Levels: $2.30, $2.33, $2.38

At the time of writing, XTZ is worth $2.25. The current RSI shows traders selling off their holdings. If this continues, the $2.24 support level may break. The only support level that traders can bank on for now is $2.20.

With bears control over the market, the $2.30 resistance level may not be tested. If bulls take over the market, traders can look forward to prices breaking all the resistance stated above.

See also: Ethereum Price Analysis: ETH Looks Set to Test the $400 Resistance Level


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Author: Gideon Geoffrey

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Author: Gideon Geoffrey