- 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 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 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.