Tezos (XTZ) Price Analysis – December 31
The Tezos price is yet to display a significant bullish move as the market continues to move in sideways.
Resistance levels: $2.2, $2.3, $2.4
Support levels: $1.8, $1.7, $1.6
XTZ/USD remained indifferent as the last few days were range-bound, wherein the price fell from $2.1 to $1.9. Today, the price has gone up to $2.02 before dropping to $1.94. The daily price has been trending below 9-day and 21-day moving averages as the trading volume decreases. Meanwhile, as XTZ/USD remains in an unstable market, a price surge is more likely to play out.
What to Expect from Tezos (XTZ)
However, for an upsurge, the Tezos price is likely to meet the nearest resistances above the moving averages at $2.2, $2.3, and $2.4 before we can see consider more levels for the trade. A down surge could drag the market to $1.8, $1.7, and $1.6 supports after a possible break at $2.0. The technical indicator RSI (14) has maintained trading sideways and moving around the 42-level, showing an indecisive movement.
XTZ/BTC Market: Remains at the Downside
Comparing with BTC, the market price keeps dropping from 7113 SAT to touch the daily low at 6729 SAT today. The coin is currently trading at 6913 SAT within the descending channel. Looking at the daily chart, should in case the coin stays below the 9-day and 21-day moving averages; the bears may continue to drag the coin towards the south.
Similarly, if the market price drops further, the next key supports may be at 4400 SAT and below. On the bullish side, a possible rise above the 9-day and 21-day moving averages could push the coin to the resistance levels of 9800 SAT and above. According to the daily chart, the RSI (14) remains within the oversold region, which could give more bearish signals into the market.