Tezos’ price downtrend seems set for a reversal, as it gets near an important long-term support level. XTZ has been on a sustained downtrend going back to the first week of October, but things seem to be changing as it nears the $5.30 mark. That price has been the long-term support level for the month. At the time of writing, XTZ/USD was up by 0.42%, after gaining 4.16% yesterday.
Tezos in a major win
Tezos got a major boost this week after being adopted by Behance, Adobe’s social media platform. The move is likely to give Tezos more visibility in the Non-Fungible Tokens (NTF) segment, given Behance’s large user base. Bahance, which specializes in showcasing the works of creative, received over 160 million visitors last year, with about 2.25 billion views of creatives’ works.
Technical analysis for Tezos price
Tezos price has been on a downtrend since 4th October, signaling a market controlled by the bears. During that period, long-term support has been at $5.30 and that is likely to continue in the near-term. The 20-EMA crossed above the 10-EMA ten days ago, which indicates a high chance of bearish control. However, the RSI is on the rise, after plummeting from 49 to 39 over the past three days.
With the RSI currently at 43, it signals that the buying momentum is gaining strength. However, it also signals that the buying momentum is mild, which may limit upward price action. If the buyers increase their momentum, they are likely to push the price to the first resistance at $6.59. If they breach that level, the next resistance will be at $6.82.
If the momentum weakens, the bears could pull down the price to find the first support at $5.89. However, if they breach that level, the next support is likely to come at $5.43.
