Altcoin News

Tezos Price Analysis: We anticipate XTZ/USD to fall and move to the $6 support

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD is presently trading at $6.5.
  • Next support at $6.

Today, Tezos price analysis is negative since lower highs were established despite the $6.7 support level remaining intact. As a result, XTZ/USD will most likely continue to decline and establish another lower low. In this case, XTZ/USD will test the $6 support level again.

The daily candle closed below the 10EMA which means the uptrend preparing to take place in this market is broken. This means XTZ/USD will most likely continue to decline. Looking at the hourly chart, XRP/USD has been trading above a rising trendline which seems to have by broken by today’s lower high candlestick close. This also suggests XTZ/USD might go even further down. The 38.2% FIB Retracement level shown below might be a good support level if XTZ/USD gets back there. If this happens and XTZ/USD breaks below $6, we’ll see it test the next support at $6 again.

On the other hand, if XTZ/USD holds $6.7 and establishes another small uptrend then we might see XTZ/USD trade towards $8 or even higher than that. If this is going to happen, however, we need to see significant gains in the market of BTC as well as altcoins such as Ethereum.

Tezos price movement in the last 24 hours: Tezos continued to trade around $6.7 support

Tezos price analysis shows that the XTZ/USD pair failed to sustain a new uptrend. As a result, Tezos will most likely continue to decline. Looking at the hourly chart, XTZ/USD has been trading below a rising trendline which seems to have by broken today’s lower high candlestick close. This means XTZ/USD might go down to test the next support level at $6.

The 100EMA has been acting as a resistance for XTZ/USD for quite some time now, but it seems to have broken by today’s lower high candle close. This suggests XTZ/USD will most likely

XTZ/USD moved between $6.65 and $6.80 over the last 24 hours, suggesting low volatility during that time period. Trading volume fell by 34.6 percent, lowering to 124.5 million shares, while the overall market cap is valued at around $5.76 billion, putting it in 35th place globally.

XTZ/USD 4-hour chart: XTZ to break lower today?

On the 4-hour chart, we can observe Tezos price action establishing lower highs, which is likely to result in a break below the $6.7 support later today.

XTZ/USD 4-hour chart. Source: TradingView

Tezos price analysis shows that the XTZ/USD pair failed to sustain a new uptrend. As a result, Tezos will most likely continue to decline. Looking at the hourly chart, XTZ/USD has been trading below a rising trendline which seems to have by broken today’s lower high candlestick close. This means XTZ/USD might go down to test the next support level at $6.

The 100EMA has been acting as a resistance for XTZ/USD for quite some time now, but it seems to have broken by today’s lower high candle close. This suggests XTZ/USD will most likely continue to decline. We’re still looking at the daily chart, XTZ/USD closed below the 10EMA yesterday which means XTZ/USD might go further down to establish a new lower low. If this happens then we’ll see it test the next support level at $6 again.

At the time of writing, Tezos’ price is trading in a tight band around the $6.7 mark. Given that lower highs have yet to be established, we anticipate XTZ/USD to fall further and move toward establishing more lows.

Tezos Price Analysis: Conclusion

The Tezos price is bearish today, as further lower highs were established over the last 24 hours despite the $6.7 maintaining. As a result, we anticipate XTZ/USD to fall and move to the $6 support level early next week.

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 25, 2021 3:41 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Recent Posts

Chainlink Labs takes Former Google CEO Eric Schmidt On-board

TL;DR Breakdown Chainlink Labs announces the hiring of ex-Google CEO, Eric Schmidt, as a new… Read More

December 8, 2021

Bitcoin, Ethereum, Binance Coin, Chainlink Daily Price Analysis – 7 December Roundup

TL;DR Breakdown Global market cap in a seesaw mood recedes 0.05%.Bitcoin, testing its speed of… Read More

December 8, 2021

Polkadot price analysis: DOT deflates to $29, as bears exert control

TL;DR Breakdown Polkadot price analysis is bearish today.Resistance for DOT/USD is present at $29.8.Support for… Read More

December 8, 2021

Is SEC investigating Elon Musk’s new haircut?

TL;DR Breakdown SEC to open an investigation into Elon Musk’s new haircutA bizarre investigation against… Read More

December 8, 2021

7 Cryptocurrencies to Buy & Get Rich Before 2022

Digital currencies have become part and parcel of many trades. We see people now using… Read More

December 8, 2021

Investing in Cryptocurrency – A Secure Investment or A Way to be looted?

Investment has been a part of our economy for decades. Since then, people are always… Read More

December 8, 2021

This website uses cookies.