Tezos Price Analysis – April 26
The Tezos price is facing a serious decline in the value of 4.05% after being rejected at a $2.97 resistance level.
Resistance levels: $3.50, $3.70, $3.90
Support levels: $2.20, $2.00, $1.80
XTZ/USD has been following the downward trend as the price failed to prove itself above the 9-day and 21-day moving averages. Looking at the daily chart, the Tezos price shows that the price is still moving within the descending channel, though the price made a good recovery yesterday from the low of $2.80 after which it retreated below the open price.
Tezos Price Analysis: What Could Be the Next Direction for Tezos?
The Tezos price remains below the 9-day and 21-day moving averages, should the sellers continue to power the market and push the price towards the lower boundary of the channel; they may likely find support levels at $2.20, $2.00, and $1.80. Therefore, bulls may be re-testing the support level of $2.80 before rising again.
However, if the market experiences an upward trend, it could hit the potential resistance at $3.00; any further bullish movement towards the upper boundary of the channel could reach the resistance levels of $3.50, $3.70, and $3.90 respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving below the 40-level, indicating more bearish signals in the nearest term.
XTZ/BTC Market: May Remain at the Downside
Looking at the daily chart, XTZ/BTC is bearish as the price formed a downward trend on the chart while consolidating within the channel. In the meantime, Tezos bears are still keeping the price below the 9-day and 21-day moving averages. Therefore, any further movement could take the coin to the support level of 6600 SAT and below.
Looking at the technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are still putting pressure on the bulls as the signal line may cross below the 40-level. However, if the bulls can regroup and halt the downward movement, The Tezos price could begin an uptrend, crossing above the upper boundary of the channel may locate the potential resistance level of 8300 SAT and above.