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Tezos Price Analysis: XTZ consolidates above $6.75, slow reversal to follow?

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD continued to consolidate above $6.75.
  • Closest resistance at $7.50.

Tezos price analysis is bullish today as bearish momentum has been exhausted as the $6.75 has prevented further downside several times this week. Therefore, we expect DOGE/USD to reverse over the next days and look to start setting higher highs next week.

Cryptocurrency heat map. Source: Coin360

The overall market has traded mostly with bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.79 percent, while Ethereum is down by 1.17 percent. Meanwhile, Dogecoin (DOGE) is among the worst performers, with a loss of around 6 percent.

Tezos price movement in the last 24 hours: Tezos consolidates above $6.75

XTZ/USD traded in a range of $6.85 – $7.13, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 29.97 percent and totals $216 million, while the total market cap trades around $5.96 billion, ranking the coin in 34th place overall.

XTZ/USD 4-hour chart: XTZ prepares for a move higher?

On the 4-hour chart, we can see Tezos price action setting up a base from which to move higher as bearish momentum has been exhausted over the past days.

XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen strong bullish momentum over the beginning of October. From the previous swing low at $5.50, XTZ/USD rallied all the way to the $9  mark, where a strong higher high was set.

However, since then, Tezos has slowly retraced over the past weeks, setting clear lower lows and highs. On Monday, XTZ reached the $6.75 mark, which since has not been broken. 

Over the past few days, Tezos price action has established a clear consolidation area above the support, indicating that the market is preparing for a reversal. Unless XTZ/USD breaks below this support, we will likely see a push higher from the support next week, meaning that a new swing low has been set at $6.75.

Tezos Price Analysis: Conclusion

Tezos price analysis is bullish as a strong consolidation has been formed above $6.75, likely leading to a reversal next week. Therefore, we expect XTZ/USD to target the $7.50 closest resistance early next week.

While waiting for Tezos to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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 17, 2021 11:36 am

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.

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