- Tezos price analysis is bullish today.
- XTZ/USD continues higher after consolidation overnight.
- Closest resistance at $7.50.
Tezos price analysis is bullish today as bulls continued to push the market higher this morning after a consolidation around $6.70 overnight. Therefore, we assume XTZ/USD will continue higher over the next 24 hours and target the $7.50 resistance next.
The overall market traded in the green over the last 24 hours, with Bitcoin gaining 6.64 percent. Ethereum follows close by, with a gain of 6.16 percent, while Filecoin (FIL) is among the best performers, with a gain of more than 16 percent.
Tezos price movement in the last 24 hours: Tezos spikes above $7
XTZ/USD traded in a range of $6.47 – $7.19, indicating strong volatility over the last 24 hours. Trading volume has increased by 20.72 percent and totals $823.8 billion, while the total market cap trades around $6.15 billion, ranking the coin in 31st place overall.
XTZ/USD 4-hour chart: XTZ targets $7.50 next?
On the 4-hour chart, we can see Tezos price rapidly advancing again over the past hours, indicating we could see a test of the $7.50 previous swing high today.
Tezos price action has traded in an increasingly tighter range over the past weeks. After a new major swing high was set at $8 on the 14th of September, XTZ/USD saw a reversal and a several-day drop to $4.50.
What followed was a rally higher, with a lower high set at $7.50, meaning that XTZ is trading in an increasingly tighter range with higher lows and lower highs. Last week, another decline set a higher low at $5.50, further decreasing the range in which Tezos trades.
From the $5.50 support, Tezos price reversed again, leading to the current advance higher. Overall, we could see another lower high set as XTZ/USD continues to trade in an increasingly tighter range. However, if the $7.50 resistance gets broken, the overall market structure becomes bullish.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as bulls continued to push higher after consolidation around $6.70 overnight. Therefore, we expect XTZ/USD to advance further and test the $7.50 resistance by the end of today.
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