- Tezos price analysis is bullish today.
- XTZ/USD looks to retest $7.50 support again.
- Buying pressure is increasing this morning.
Tezos price analysis is bullish today as a further downside was heavily rejected yesterday, and another test of the downside was met with buying pressure this morning. Therefore, we expect XTZ/USD will push higher over the next 24 hours again.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, was among the top performers, with a gain of 5.57 percent, while Ethereum lagged behind with a 0.96 percent gain. Shiba Inu (SHIB) is still the best performer, with a gain of 32.5 percent.
Tezos price movement in the last 24 hours: Tezos reverses before reaching $7
XTZ/USD traded in a range of $7.21 – $8.55, indicating strong volatility over the last 24 hours. Trading volume has increased by 28.66 percent and totals $1.05 billion, while the total market cap trades around $6.68 billion, ranking the coin in 31st place overall.
XTZ/USD 4-hour chart: XTZ to reject above $7.5 again?
On the 4-hour chart, we can see the Tezos price action refusing to reach $7 as a sharp reaction higher was seen late yesterday.
Tezos price action has seen strong bullish momentum so far this month. After a several-day retracement at the end of September, a higher low was established around $5.50.
A strong push higher followed from the 1st of October, taking XTZ/USD to a new swing high slightly above the $9 mark. Additionally, the previous resistance level at $7.50 now acts as a support.
After a reversal back to the downside on Tuesday, the $7.50 was briefly breached. However, a sharp reaction higher was seen a couple of hours later, indicating bullish pressure around this previous resistance turned support area.
Overall, Tezos price action should see another test of downside today, likely resulting in consolidation above the previously mentioned $7.50 support.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as a spike higher back above $7.5 resistance was seen yesterday. Another attempt to push lower currently is in progress, likely leading to another rejection higher.
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