- Tezos price analysis is bearish.
- XTZ/USD shows exhaustion below the $7 mark.
- Closest support at $6.35.
Tezos price analysis is bearish today as signs of exhaustion have been seen below the $7 mark after a steady advance over the last 24 hours. Therefore, we expect XTZ/USD to move lower over the next 24 hours and look to retest the $6.35 support next.
The overall cryptocurrency market traded mostly with bullish momentum over the last 24 hours, despite Bitcoin down by 0.43 percent. Ethereum gained 1.69 percent, while Shiba Inu (SHIB) is the top performer, with a gain of 25 percent.
Tezos price movement in the last 24 hours: Tezos steadily rises to $7
XTZ/USD traded in a range of $6.54 – $6.93, indicating mild volatility over the last 24 hours. Trading volume has increased by 21.75 percent and totals $282 million, while the total market cap trades around $5.922 billion, ranking the coin in 37th place overall.
XTZ/USD 4-hour chart: XTZ set to reverse below $7?
On the 4-hour chart, we can see bearish momentum returning below the $7 mark, likely leading Tezos price action lower over the next 24 hours.
Tezos price action has seen steady bearish momentum over the past weeks. A reversal followed after an initial rally to the $9 mark, where a clear higher high was set at the beginning of October.
Over several weeks, XTZ/USD steadily retraced until the bearish momentum started to slow down at the $6.35 mark. After a second retest of the support on the 24th of October, the first potential sign of recovery was set.
However, a higher high is yet to be set, meaning that we can expect another test of the support later this week. Currently, XTZ has set another lower high, likely leading to a test of the support over the next 24 hours.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as another lower high has likely been set just below the $7 mark. Therefore, we expect XTZ/USD to move lower and look to test the $6.35 support for the third time.
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