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Tezos Price Analysis: Tezos eyes to break above $7.3 and test $7.5

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD found support above $6.8
  • The closest resistance is around $7.30.

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.

Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.87 percent. Ethereum gained 5.33 percent, becoming the top performer on the daily chart. 

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

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.

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

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.

XTZ/USD 4-hour chart. Source: TradingView

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.

Tezos Price Analysis: Conclusion

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.

While you wait for Tezos to go further, check out our articles on the 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.

This post was last modified on October 16, 2021 3:27 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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