- Tezos price analysis is bearish for the next 24 hours.
- Tezos saw a bounce from $6 support today.
- Further upside currently gets rejected.
The market is resisting any more progress in the direction of $7.5, which was strong support earlier this week. As a result, we expect XTZ/USD to attempt to test the $7.0 support again soon.
Tezos price movement in the last 24 hours: Tezos bounces from key support levels
After a recent decline, XTZ/USD is now pushing higher. The pair was up over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has been pretty low this morning; as of writing, it stands at $157m.
The daily chart’s Stochastic indicator is on the move up to indicate a return in bullish momentum. However, RSI hasn’t followed suit, which suggests that Tezos’ climb might have already ended. This means that a drop towards the $6.00 area could come pretty soon.
The 7-day SMA has formed a bearish crossover with lower highs and higher lows, confirming the current trend reversal. XTZ/USD briefly touched on $7.50 before it took another tumble below $7.0
Tezos price analysis 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 bearish trend overnight.
XTZ/USD 4-hour chart. Source: TradingView
This month, the price of Tezos has risen significantly, with buying momentum returning. On September 7th, a new broad high-low range was established after declining to $4 on the previous day. The price found support at $5.70 and started moving higher, reaching a weekly high of $6.38 on September 12th. The price then fell back to near its opening levels at $6.50; we can see that it tested this level as resistance and has now moved lower again to the nearby support area between $7and $7.20.
Today, Tezo’s price had fallen to a low of $6.80 before it started moving higher again after testing the crucial support area between $7 and $7.20 – where buyers are waiting to jump in with their orders. XTZ/USD will likely attempt another bounce soon unless there will be further decline below $6.
On September 14th, XTZ/USD was up 100% to $8. However, the market did not continue to rise for long; instead, it reversed in the following days.
On Monday, the Tezos price fell 25%, with $6 serving as support the day before. The XTZ/USD pair has been in an upswing lately, with bearish momentum returning over the last several hours.
Tezos Price Analysis: Conclusion
For today, the Tezos price forecast is bearish. A further decline towards the $6.00 support level is possible; if XTZ/USD drops below this mark, it will probably continue to go lower. A bounce from the $6.00 region would be a buying opportunity in our view, but history tells us that resistance at the upper boundary of the daily range could cause delays (marked by a circle on the chart).
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