- Tezos price analysis is bullish today.
- XTZ/USD saw another move higher.
- $5.50 support still holds.
Tezos price analysis is bullish today as another rejection from the $5.50 support was seen this morning, leading XTZ back to $6 resistance. Therefore, we expect XTZ/USD to break higher and rally further later this week.
The overall market has started to turn bearish over the past hours, with the market leader, Bitcoin, down by 3.77 percent. Rest of the top altcoins trade with mixed results, with Tezos falling in the middle of the pack.
Tezos price movement in the last 24 hours: Tezos bounces from $5.50 support again
XTZ/USD traded in a range of $5.43 – $6.05, indicating strong volatility over the last 24 hours. Trading volume has declined by 5.57 percent and totals $645.67 billion, while the total market cap trades around $5.11 billion, resulting in a market rank of 30th place.
XTZ/USD 4-hour chart: XTZ ready to push higher?
On the 4-hour chart, we can see the Tezos price looking to break the $6 resistance as any further downside was rejected again overnight.
The overall market traded in an increasingly tighter range over the past weeks. After a higher low was set around $4.50 on the 22nd of September, a strong rally followed until the $7.50 mark, where a lower high was set.
This Tezos price action development indicates an increasingly tighter trading range for the market. Over the past days, XTZ/USD saw selling pressure return as bears look to set another higher low to continue the consolidation.
Support was found at $5.50 earlier this week, with a retest of the support seen overnight. Overall, Tezos price is expected to break above the local resistance of $6 next and regain even more of the loss seen last week.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as another retest of the $5.50 support resulted in a quick move higher. Therefore, we expect XTZ/USD to break above the $6 resistance later today.
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