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Tezos Price Analysis: XTZ drops to $5, more downside to follow?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD saw bearish momentum take over yesterday.
  • Next support at $4.65.

Tezos price analysis is bearish today as we expect more downside to follow after a strong selloff over the last 24 hours. Likely, XTZ/USD will move to test the $4.65 previous low over the next 24 hours.

Tezos Price Analysis: XTZ drops to $5, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market traded in the red over the last 24 hours. Bitcoin lost 0.23 percent, while Ethereum 1.08 percent. The rest of the top altcoins follow with similar results.

Tezos price movement in the last 24 hours: Tezos peaks at $5.6, drops over 10 percent

XTZ/USD traded in a range of $4.94 – $5.42, indicating substantial volatility over the last 24 hours. Trading volume has increased by 10.33 percent, totaling $192.5 million, while the total market cap trades around $4.46 billion, ranking the coin in 42nd place overall.

XTZ/USD 4-hour chart: XTZ prepares for more downside?

On the 4-hour chart, we can see a slight reaction at the $5 mark as bears take a pause before further downside is likely tested later today.

Tezos Price Analysis: XTZ drops to $5, more downside to follow?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen a continuous decline over the past weeks. A strong reversal followed after a new major swing high was set at $9.11 on the 4th of November.

Since then, XTZ/USD has set several lower highs and lows, indicating a clear bearish market structure. Last Thursday, the current low at $4.65 was reached, further strengthening the current market direction.

After a retracement on Friday, a strong lower high was established over the weekend. From there, the Tezos price continued to move lower yesterday, reaching the $5 mark. Overall, we expect this selloff to continue, likely leading XTZ/USD below the $4.65 current low.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect the selloff seen yesterday to continue later today. Therefore, XTZ/USD will likely break past the $5 local support and move towards the $4.65 mark next.

While waiting for Tezos 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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