- XTZ/USD saw a downfall towards thec losure of yesterday’s Tezos price analysis chart.
- Today, the price analysis for Tezos is bullish.
- The Bollinger bands expanded in the early trading sessions, suggesting that XTZ/USD has greater volatility.
Tezos price analysis: General price overview
XTZ/USD saw a downfall towards the closure of yesterday’s chart; the bearish trend was reversed minutes later when the daily Tezos price analysis chart opened while the bulls controlled the market. The bull dominance did not take long before the sellers came in and caused resistance in the third minute, making the price record a sharp decline to the lowest price on the daily price analysis.
The Bollinger bands expanded in the early trading sessions, suggesting that XTZ/USD has greater volatility. The price of XTZ/USD was closing toward the upper Bollinger band, implying a possible bull run.
For today, the price analysis for Tezos is bullish since both a higher high and low were achieved during the previous 24 hours. As long as the $6.50 support holds, we anticipate XTZ/USD to surge and head toward further gains.
The cryptocurrency heat map is trading with mixed results as some digital assets have recorded gains while others are on the red zones recording significant drops. Today, the most prominent digital asset is trading positively with an increment of almost one percent from yesterday’s price. The second-largest digital asset is trading bullishly. However, there are signals that the coin might start trading in a bearish trend. Cardano is trading in a bearish trend, recording more than a 3 percent price decline. XTZ is trading bullishly with a slight price increment.
XTZ/USD 4-hour chart: XTZ prepares for another rally?
On the 4-hour Tezos price chart, XTZ/USD appears to be closing bullish in preparation for further gains over the following 24 hours.
We expect Tezos to surge today, as a slightly higher low was established during the previous 24 hours. Overall, XTZ/USD has appreciated more than 100 percent in the past month, after a new swing low was set at $3.50 on July 20th.
Since the previous major swing high was broken a few weeks ago, the overall market structure has reverted to being bullish, and we can anticipate a lot more upside past today’s peak of $8.19 set yesterday.
On the other hand, the bulls were exhausted after a substantial advance early yesterday, failing to see much further upside above $8. Tezos’s price has established solid support over the past several days, suggesting that it will move higher in the next 24 hours.
Tezos price analysis: Conclusion
The bull market in Tezos is still a long way from being over, but the more it goes, the stronger it gets. The bulls were back in control today after a brief spike higher yesterday, so we anticipate XTZ/USD to continue rising and endeavor to reach the next objective at $9.
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