• On the upside, if the bulls break above the EMAs, the XTZ price is likely to rise to retest the $1.80 overhead resistance level.
• On the other hand, if the bulls fail to break above the EMAs, the crypto’s price is likely to continue its range bound move.

XTZ/USD Long-term Trend: Bearish

• Resistance levels: $1.6000, $1.8000, $2.0000
• Support levels: $1.2000, $1.0000, $0.8000

The XTZ/USD pair had been in the bullish trend zone since March. The crypto's price was making a series of higher highs and higher lows. At a price of $0.40, the bulls made an upward move to a high of $0.80 and retraced to the 12-day EMA support level. The bulls also made an upward move and reached the highs of $1.0 and $1.40 but retraced before resuming the uptrend.

The bulls also tested the overhead resistance of $1.80 twice before the bulls were resisted. The price of Tezos had a downward correction as the market reached a low of $1.19 price level. The price fell to the previous low of April 25. The price of Tezos is below the 12-day EMA and 26-day EMA which indicates that price is likely to fall.

On the upside, if the bulls break above the EMAs, the XTZ price is likely to rise to retest the $1.80 overhead resistance level. On the other hand, if the bulls fail to break above the EMAs, the crypto’s price is likely to continue its range bound move.The stochastic is in the oversold region but above the 20% range which indicates that the price of Tezos is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.