- Tezos price analysis is bearish today.
- XTZ/USD continued to decline over the past 24 hours.
- Closest support at the $6 previous resistance.
The price of XTZ/USD is bearish for today’s Tezos price analysis, as bears continue to gradually push the coin lower after reaching the $8 level on Tuesday. As a result, we anticipate another drop in the near term, with support at the $6 mark (where XTZ/USD encountered resistance late last month).
Over the last 24 hours, the cryptocurrency market was rather bearish. Bitcoin dropped 0.36%, while Ethereum lost 4.12 percent, marking a downtrend in the market. In contrast, Avalanche (AVAX) is the best performer, with a 24-hour improvement of more than 25%.
Tezos price movement in the last 24 hours: XTZ continued to retrace
The price of XTZ/USD fluctuated within a narrow range of $5.89 to $6.16 over the past 24 hours, showing significant volatility in that time frame. Trading volume dropped by 14.12% and is valued at $640 million as of writing this article. Meanwhile, the market capitalization stands at roughly $5.2 billion after falling by 9.24 percent.
XTZ/USD 4-hour chart: $6 resistance flipped into support?
We can see the Tezos price continue to fall on the 4-hour chart today, as bears look to test the $6 support level as a support.
For the previous weeks, Tezos price action had been characterized by strong bullish momentum. After a brief spike to $4 on September 7th, XTZ/USD advanced rapidly 100 percent until resistance was reached at $8.
On Tuesday, the momentum changed and bears took charge. Tezos dropped more than 15% already and tested the $7 mark. The $6.5 mark currently protects XTZ from a bigger drop; however, it is expected to break overnight.
Overall, we anticipate the Tezos price to continue to fall as there are no indications of bulls returning yet. The $6 mark is our next support, having previously served as a significant resistance reversal point in late August
Tezos Price Analysis: Conclusion
For today, the Tezos price analysis is bearish, and bears are continuing to push the market lower. We anticipate XTZ/USD to test $6 over the next 24 hours as long as the bearish momentum persists.
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