TL;DR Breakdown
- 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.
While waiting for Tezos to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.
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.
