Tezos Price Analysis: XTZ/USD bulls retreat from $3-level
- XTZ/USD is trending in an upward channel formation.
- Bulls have remained in control on four straight days.
- William’s %R has dipped below the overbought zone.
XTZ/USD daily chart
XTZ/USD has gone up from $2.82 to $2.897 as the bulls remained in control for the fourth straight day. The price has been trending in an upward channel formation and had managed to cross the $3-level. However, the bulls have since been on retreat, prompting the William’s %R to dip below the overbought zone. The Elliott Oscillator has had nine straight green sessions.
Support and Resistance
Bulls face resistance at $2.96 and $3,05. On the downside, healthy support lies at $2.77, $2.66 (SMA 50), $2,62 and $2.50 (SMA 20).
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
