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Tezos Price Analysis: XTZ continues to consolidate around $6.7, break lower to follow?

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD still holds $6.7 support.
  • Next support at $6.

Tezos price analysis is bearish today as lower highs were continuously set despite the $6.7 mark holding. Therefore, we expect XTZ/USD to break lower and head towards setting another lower low.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 1.26 percent, while Ethereum gained 0.74 percent. Meanwhile, Shiba Inu (SHIB) is the top performer for today, with a gain of 55 percent as it sets new all-time highs.

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

XTZ/USD traded in a range of $6.65 – $6.80, indicating low volatility over the last 24 hours. Trading volume declined by 34.6 percent, totaling 124.5 million, while the total market cap trades around $5.76 billion, ranking the coin in 35th place overall.

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

On the 4-hour chart, we can see Tezos price action setting further lower highs, likely leading to a break below the $6.7 support today.

XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen a steady decline over the past weeks. After the strong first week of October, XTZ/USD moved from $5.50 swing low to $9 swing high, a failure to move higher followed.

Since then, Tezos has set several lower lows and highs, with the last one benign at $6.4. Earlier this week, a new lower high was set around the $7 mark, with further downside seen over the following days.

Currently, Tezos price action trades in a very narrow range around the $6.7 mark. Considering that lower highs are still set, we expect XTZ/USD to break lower and move to set further lows.

Tezos Price Analysis: Conclusion

Tezos price analysis is bearish today as further lower highs were set over the last 24 hours despite the $6.7 still holding. Therefore, we expect XTZ/USD to break lower and move to the $6 next support early next week.

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.

This post was last modified on October 24, 2021 12:41 pm

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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