logo

Tezos Price Analysis: XTZ bounces from $6.75, more upside to slowly follow?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD found support above $6.75.
  • The closest resistance is around $7.50.

Tezos price analysis is bullish today as more upside was slowly gained overnight. Therefore, we expect XTZ/USD to continue higher and test the $7.50 mark next.

Tezos Price Analysis: XTZ bounces from $6.75, more upside to slowly follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded with bullish momentum over the last 24 hours. Bitcoin gained 4.69 percent, while Ethereum 5.29 percent. Meanwhile, Polkadot (DOT) is the top performer, with a gain of 19 percent.

Tezos price movement in the last 24 hours: Tezos bounces from $6.75 support, heading to $7.50 next

XTZ/USD traded in a range of $6.94 – $7.36, indicating low volatility over the last 24 hours. Trading volume has declined by 41.62 percent and totals $339 million, while the total market cap trades around $6.22 billion, ranking the coin in 32nd place overall.

XTZ/USD 4-hour chart: XTZ to continue higher?

On the 4-hour chart, we can see Tezos price action slowly moving higher over the past 24 hours as bulls look to test the $7.50 resistance next.

Tezos Price Analysis: XTZ bounces from $6.75, more upside to follow?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen a more than week-long retracement. After a very bullish start of the month, during which XTZ/USD gained around 65 percent from the $5.50 support to the $9 resistance, a new major swing high was set.

However, after some consolidation below the $9 mark, a reversal followed, slowly sending Tezos lower. So far, XTZ/USD has retraced around 25 percent to the $6.75 mark after a series of lower lows and highs.

Over the past days, Tezos price has slowly moved higher as bulls look to retest the $7.50 mark as resistance. Therefore, more upside is expected. However, from the resistance, we could see another push lower later this week.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish today as further upside was seen overnight with no signs for a slowdown. Therefore, we expect XTZ/USD to continue higher and reach the $7.50 mark next.

While waiting for Tezos to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Avalanche price analysis: AVAX continues to move upwards with $35 target
How to Stake on Uniswap: A Quick Guide to Passive Income
Aave price analysis: AAVE increases value by 3.5% after strong bullish movement
Ethereum price analysis: ETH wobbles near $1,700 as bulls desperate to touch $1,800
Bitcoin, Binance Coin, Tron, and FTX Token Daily Price Analyses – 7 August Morning Price Prediction

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund