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Tezos Price Analysis: XTZ retests $6.8 as resistance, more upsides could follow?

TL;DR Breakdown

Tezos price analysis is bearish today.
XTZ/USD tests previous support at $6.70 as resistance.
Next support at $6.

The bullish trend in Tezos price analysis continues today as the $6.70 barrier has turned into support, suggesting that more buyer volumes could be on the way. As a result, unless XTZ/USD bears build resistance at $7, we anticipat appreciation to the $7.5 support over the next 24 hours.

Tezos Price Analysis: XTZ retests $6.8 as resistance, more upsides could follow? 1 — Cryptocurrency Heatmap by Coin360

According to the Coin360 cryptocurrency heatmap, the overall market is trading in the red zone with Bitcoin shedding 2.92 percent and Ethereum dropping by 0.34 percent. The best performer of the day is Solana after it crossed the $200 psychological support.

Tezos price movement in the last 24 hours: Tezos retests $6.8 previous resistance as support

In terms of market behavior, the price action was unusually calm over the last 24 hours, with prices trending within a narrow range of $6.64 to $6.89. Trading volume has dropped by 10.13 percent and is now at $253.3 million, putting the market capitalization at around $5.72 billion (35th

XTZ/USD 4-hour chart: XTZ to see further downside today?

On the 4-hour chart, Tezos’ price is currently hanging around $6.5 minor, suggesting the possibility additional gains ahead.

XTZ/USD 4-hour chart. Source: TradingView

In the first week of October, the price of Tezos exhibited strong growth. XTZ/USD increased by more than 60% from the low of $5.50 to the market peak of $9 on October 4th.

Since then, a sluggish retreat has been observed, with both lower lows and higher highs being established. On October 12th, the last swing low was reached at $6.70, suggesting that the reversal may have come to an end.

However, after a reaction higher and a more sluggish retracement, the support was shattered over the weekend, resulting in a new local low of $6.40. Tezos rose back to $6.70 overnight to challenge it as a resistance.

The $6.70 resistance proved to be a limit in the upside, and it is expected that Tezos will drop later today.

Tezos Price Analysis: Conclusion

The Tezos price prediction for today is bullish, as the previous support of $6.70 has been retested. As a result, we anticipate XTZ/USD to continue rising later today, with the $7.5 mark as the next support level.

While waiting for Tezos to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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.

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.