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.
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.
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 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.
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.
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 23, 2021 4:27 am
TL; DR Breakdown The online gaming industry is experiencing an evolution through blockchain-based play-to-earn games.This… Read More
TL;DR Breakdown Colombia sees surge in nymber of Bitcoin ATM.Becomes second highest country with BTC… Read More
TL;DR Breakdown • The businessman thinks that Bitcoin is the new digital gold.• Mark Cuban… Read More