- Tezos price analysis is bearish today.
- XTZ/USD still consolidates around $5.
- Next support at $4.65.
Tezos price analysis is bearish today as we expect further drop to follow after the current consolidation is resolved. Therefore, XTZ/USD should move to test the previous low at $4.65 next.
The cryptocurrency market traded in the red over the last 24 hours, with Bitcoin down by 3.41 percent. Meanwhile, Ethereum has lost 2.14 percent, while Loopring (LRC) is the top performer, with over an 18 percent gain.
Tezos price movement in the last 24 hours: Tezos continued to consolidate around $5 support
XTZ/USD traded in a range of $4.91- $5.19, indicating low volatility over the last 24 hours. Trading volume has declined by 5.49 percent, totaling $174.1 million, while the total market cap trades around $4.34 billion, ranking the coin in 43rd place overall.
XTZ/USD 4-hour chart: XTZ targets $4.65 next?
On the 4-hour chart, we can see consolidation continuing today, likely as bears prepare to push the Tezos price even lower along the overall bearish trend.
Tezos price action has reached a new low over the past week after a several-week decline from the $9.14 all-time high set on the 4th of October. Bearish momentum still dominates the market with no clear signs of recovery seen, indicating we can expect more downside later this week.
Over the weekend, XTZ/USD saw a clear lower high set at $5.6 previous support, with reversal a couple of hours later. Overnight to Monday, Tezos started to rapidly decline until the $5 mark, where minor support was previously seen last week.
Since then, the Tezos price action has consolidated above the support. Likely we will see XTZ/USD break below the $5 later this week to continue along with the overall, several-week bearish trend.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as we saw bears take a pause over the last 24 hours after a sharp drop lower on Sunday. Therefore, we expect XTZ/USD to continue lower once the current consolidation is resolved.