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Tezos Price Analysis: XTZ returns above $5 before another drop?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD set lower low at $4.70 yesterday.
  • Retracement above $5 seen today.

Tezos price analysis is bearish today as we expect another lower high to be set above $5 before another push lower. Therefore, we expect XTZ/USD not to see a lot further upside today as selling pressure will likely return soon.

Tezos Price Analysis: XTZ returns above $5 before another drop? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours, with the market leader, Bitcoin, down by 3.15 percent, while Ethereum lost 0.51 percent. Meanwhile, Avalanche (AVAX) is among the best performers, with a gain of 6 percent.

Tezos price movement in the last 24 hours: Tezos retraces above $5 after further downside yesterday

XTZ/USD traded in a range of $4.67 – $5.09, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 37.75 percent and totals $231 million, while the total market cap trades around $4.38 billion, ranking the coin in 42nd place overall.

XTZ/USD 4-hour chart: XTZ looks to set another lower high before a further selloff

On the 4-hour chart, we can see retracement over the past hours as bulls look to set another lower high.

Tezos Price Analysis: XTZ returns above $5 before another drop?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen a continuation of selloff this week along with the overall several-week trend. After a strong spike lower last week to $5.40, consolidation below $6 resistance followed until this Monday, when another drop lower was seen.

XTZ/USD declined to $5 at first, with another drop following late yesterday to $4.7. Therefore, another strong lower low has been set, indicating that bears are still controlling the market.

Over the past hours, Tezos price tested upside, returning above $5. However, considering the overall bearish market structure, we expect the current upsurge not to last long. We will likely see XTZ/USD continue lower over the next 24 hours, with the next support at $4.50.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect another lower high to be set later today as the overall momentum is still bearish. Therefore, XTZ/USD should reverse over the next 24 hours and look to test further downside.

While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Tezos Classic, and Cardano vs Tezos.

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.

Lapin

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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