- Tezos price analysis is bearish today.
- XTZ/USD retraced over the last 24 hours.
- Previous support at $7.50 broken.
Tezos price analysis is bullish today as bearish momentum has pushed the market below $7.50 support over the last 24 hours. Therefore, we expect XTZ/USD to continue lower and retrace even more of the gain seen last week.
The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, is up by 2.77 percent, while Ethereum has lost 1.6 percent. The rest of the top altcoins have seen an even worse performance, with Tezos (XTZ) down by 10.5 percent.
Tezos price movement in the last 24 hours: Tezos breaks below $7.50 support
XTZ/USD traded in a range of $7.21 – $8.56, indicating strong volatility over the last 24 hours. Trading volume has declined by 27 percent and totals $801.9 billion, while the total market cap trades around $6.5 billion, ranking the coin in 32nd place overall.
XTZ/USD 4-hour chart: XTZ to drop further today?
On the 4-hour chart, we can see the Tezos price action continuing to decline below the $7.50 support.
Tezos price action has seen bullish momentum return over the past weeks. After a higher low was established around $4.50, a several-day rally took XTZ/USD to $7.50, where a lower high was set, indicating an increasingly tighter trading range.
However, after a retracement to $5.50 at the end of September, reversal followed. Over the first days of October, Tezos gained almost 70 percent to the $9 mark, where a new yearly high was set.
Another retracement followed over the past days, with both the $8 and $7.50 not preventing further downside. Overall, this Tezos price action development indicates that we should see more bearish momentum over the next 24 hours.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as bearish momentum still is strong after a break below the $7.50 support. Therefore, we expect XTZ/USD to continue lower later today and look to retrace even deeper.
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