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XTZ Saw A Heavy Sell-Off As Bulls Shy Away – Will Tezos Rebounds?

Tezos (XTZ) Price Analysis – June 5

XTZ markets have constructed a descending channel over the past few weeks of trading; depreciating the token’s value to a substantial low of $1.15 as the bears continue to hold the bull by the horn. Currently, Tezos price is down by -11.23% in the last 24-hours of trading.

XTZ-USD Market

Key Levels:
Resistance levels: $1.4, $1.5
Support levels: $1.1, $1

Now, Tezos is testing the lower channel after a sell-off at $1.7 in late May, as XTZ price trades at $1.2 levels. As the cryptocurrency market follows a bearish scenario, the sellers appeared to be gaining control of the market. However, a potential break-down could slump the market to the $1.1 and $1 support.

XTZUSD-4H-Chart-June-5

Before the above scenario, a bullish move may likely throw a price at $1.4 and $1.5 resistance levels atop the channel. If the momentum furthers above the channel, we may see an upward movement, confirming a bullish reversal.

Looking at the 4-hours RSI, Tezos has been maintaining a bearish trend for the past two weeks, crossing under the 50 level. Similarly, the 4-hours MACD lies at the extreme negative zone, indicating a strong decline in the market.

XTZ-BTC Market

Tezos bears have been dominating the market since the token hit 0.00024BTC in mid-May. Ever since, the XTZ market is still respecting the descending channel as price drops to the 0.000158BTC as at the time of writing.

XTZBTC-4H-Chart-June-5

The bearish scenario is clearly revealed on the 4-hours RSI as the sellers face tough support at the 30 level of the indicator. An RSI break-down could send the token to the $0.00013BTC 0.00011BTC supports and below. If the market reversed, a bullish move is likely to hit close resistance at 0.00017BTC before surging above the channel.

XTZ trading, however, is significantly bearish on the 4-hours MACD as trading remains in the negative zone. If the token continues to operate below the zero level, we can expect more decline move.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.