- Tezos price analysis is bearish today.
- XTZ/USD continued to decline over the past 24 hours.
- Closest support at the $6 previous resistance.
Tezos price analysis is bearish for today as bears continue to slowly push XTZ lower after reaching the $8 mark on Tuesday. Therefore, we expect a further decline to follow, with the closest support being the $6 mark, where XTZ/USD found resistance late last month.
The cryptocurrency market traded with a slight bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.03 percent, while Ethereum managed to gain 3.12 percent. Meanwhile, Avalanche (AVAX) is the best performer, with a gain of more than 25 percent.
Tezos price movement in the last 24 hours: Tezos continued to retrace from the $8 high
XTZ/USD traded in a range of $6.54 – $7.21, indicating strong volatility over the last 24 hours. Trading volume has declined by 23.12 percent and totals $790 million. Meanwhile, the total market cap trades around $5.72 billion, ranking the coin in 31st place overall.
XTZ/USD 4-hour chart: XTZ targets the $6 resistance turned support?
On the 4-hour chart, we can see the Tezos price continuing to decline today as bears look to retest the $6 mark as support.
Tezos price action traded with a strong bullish momentum over the past weeks. After a quick spike to the $4 mark on the 7th of September, XTZ/USD saw a rapid advance of 100 percent until resistance was found at $8.
Since Tuesday, the momentum has shifted, and bears have taken over. Tezos has already moved below the $7 mark and lost more than 15 percent. The $6.5 mark currently holds XTZ from further downside, however, it is likely to break overnight.
Overall, we expect the Tezos price action to see a further downside as there are no signs of bulls returning yet. The closest support is located at the $6 mark, as it previously served as a major reversal point of resistance at the end of August.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish for today as bears continue pushing the market lower. As long as the bearish momentum continues, we expect XTZ/USD to test the $6 mark over the next 24 hours.
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