Tezos (XTZ) Price Analysis – May 15
Currently, Tezos price is trading at around $1.7. With 25% surge in the last 24-hours of trading, the XTZUSD market has been in an uptrend as the XTZBTC market remained in a downtrend for the past weeks, a break up may send the buyers to the close resistance level.
Resistance levels: $1.9, $2.1
Support levels: $1.5, $1.3
Looking at the medium-term chart, the XTZ market is following a bullish sentiment after a price surge, making the buyers see a high of $1.75 a few hours ago. The positive move was led by a bullish break-up on the descending wedge after a cross on the yellow 50-day moving average.
The 4-hours RSI is actually up lying above the 70 level, revealing the recent positive move. Similarly, the 4-hours Stochastic RSI also has reached the overbought territory. A drop below the 80 level could lead to selling pressure in the market. The possible support level to expect the price is $1.5 and $1.30, retesting the break level.
For the bull sides, we can expect the next upward movement at $1.9 and above. Regardless of the direction, Tezos is still bullish.
Against Bitcoin, Tezos is revealed in a decline after double-topping price at 0.00027 level before plunging. For the past three weeks of trading, the bearish move has been maintained within a falling channel formation which has been much significant on the 4-hour chart.
Surging the falling channel, the XTZBTC market is likely to retrace to 0.00019BTC support before resuming the climb. If the price drop continues, 0.00016BTC may be retested, falling back in the channel. However, the next key resistance may be located at quick resistance at the 0.00023BTC, 0.00025BTC and 0.00027BTC levels.
The positive move can be seen in the 4-hours RSI, now resting at the horizon of the overbought. Significant, the 4-hours Stochastic RSI is set to drip drop as it sleeps at the highest level. Whichever way, we may still consider this market to be in a bearish trend.
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