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.
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.
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.
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.
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.