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Tezos Price Analysis: XTZ continues to retrace, closest support at $6 to be tested?

TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

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.

XTZ/USD 4-hour chart. Source: TradingView

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.

While waiting for Tezos to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on September 16, 2021 5:20 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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