- Tezos price analysis is bearish for the next 24 hours.
- Tezos saw a bounce from $6 support today.
- Further upside currently gets rejected.
The bearish trend in Tezos price analysis is continuing today, as the market has retraced from $6 and is now rejecting any additional gains near $5.85. As a result, we anticipate XTZ/USD to make another attempt to retest the $6 support.
The overall market was in the red for the past 24 hours. Bitcoin is down by 4.85%, while Ethereum has declined by 6.36% over this time period. Meanwhile, Cardano (ADA) is the biggest loser, with an 8% loss.
Tezos price movement in the last 24 hours: Tezos rejected by $6 mark
The price of XOTZ/USD has been in the range of $5.63 to $6.51 this week, showing little volatility over the last 24 hours. Trading volume has stayed almost flat; it is up by just 0.71 percent and stands at $918 million. Meanwhile, the overall market cap is valued at around $4.9 billion.
XTZ/USD 4-hour chart: XTZ to go for another test of the $6 support?
On the hourly chart, we can see that the Tezos price has failed to move significantly higher today, suggesting another selloff before night falls.
The price of Tezos has seen renewed momentum over the last month. After a drop to $4 on the 7th of September, a new significant swing high was established.
On the 14th of September, XTZ/USD rose 100% to $8. However, the market didn’t stay there for long; rather, it reversed over the subsequent days.
The Tezos price decline accelerated to 25 percent today, with the $6 support serving as a barrier yesterday. XTZ/USD has seen a modest increase in recent hours, with bearish momentum returning over the past few days.
Tezos Price Analysis: Conclusion
The bears are in control of the market right now, as bulls were unable to push the price higher than $6.7 today. As a result, we anticipate XZX/USD to drop lower overnight and attempt to revisit the $6 support.
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