Tezos Price Analysis: XTZ attempts to break resistance at $6

Polygon price prediction

TL;DR Breakdown

  • 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 continues today, with the market retreating from $6 and rejecting any additional gains near $5.85. As a result, we expect XTZ/USD to attempt to re-test the $6 support once again.

The overall market was in the red for the previous 24 hours. Bitcoin has dropped by 4.85 percent and Ethereum by 6.36 percent during this period. Cardano (ADA) is the most notable loser, with an 8% drop over this time frame.

Tezos price movement in the last 24 hours: Tezos rejected by $6 mark

XOTZ/USD has fluctuated slightly during the last 24 hours, with prices ranging from $5.49 to $5.81 this week. Trading volume hasn’t changed much; it’s up by just 0.71 percent and stands at $918 million. Meanwhile, the total market capitalization is about $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 yet to move significantly higher today, implying another selloff before night falls.

Tezos price analysis
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has been on a tear lately, with the asset gaining steam in recent weeks. After declining to $4 on September 7th, a new significant swing high was established.

XTZ/USD rose 100% from $8 on the 14th of September to $20 on the 25th. However, the market didn’t stay at that level for long; rather, it reversed rapidly over the following days.

Today’s 25% price decline accelerated to a quarter in the midst of another round of losses, with yesterday’s $6 support serving as a barrier. Over the last few days, XTZ/USD has shown modest gains, as bearish momentum has returned over the previous few weeks.

Tezos Price Analysis: Conclusion 

Bears are in control of the market at the moment, as bulls were unable to raise the price higher than $6.7 today. As a result, we anticipate XZX/USD to fall overnight and attempt to return to the $6 support.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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