Tether’s revelations and the price drop brought by it have created a favorable backdrop for Tezos prices to climb higher. As a result, we anticipate XTZ/USD will continue to rise and eventually test the $7.50 mark.
The price of XTZ/USD fluctuated within a range of $6.94 to $7.16 on the daily chart, suggesting little volatility. Trading volume has dropped by 41%, and there is currently approximately $339 million worth of bets, putting the market capitalization at around $6.22 billion, which places it in 32nd place.
On the hourly Tezos price analysis chart, we can see that Tezos price has been slowly rising over the past 24 hours as bulls aim to test the $7.50 resistance next.
The price of Tezos has been in a significant decline for more than a week. After an extremely successful start to the month, when XTZ/USD gained over 65% from the $5.50 support to the $9 resistance, a new large swing high was established.
However, following some consolidation below the $9 level, a reversal emerged gradually driving Tezos down. So far, after making several lower lows and highs, XTZ/USD has recouped roughly 25% of its losses to the $6.75 level.
Over the previous days, Tezos’ price has increased gradually as bulls seek to test and breakthrough $7.50 as a barrier. As a result, more gains are anticipated. However, later this week, we may see another push down from the resistance.
The XTZ/USD pair is in an uptrend as of writing, and the price analysis is bullish as further upside was seen overnight with no signs of a decline. As a result, we anticipate XTZ/USD to rise further and reach $7.50 next.
This post was last modified on October 16, 2021 3:27 am
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