Tezos Price Analysis: XTZ/USD is bearish for the next 24 hours

Vechain Price Analysis

TL;DR Breakdown

  • Tezos price analysis is bearish for the next 24 hours.
  • Tezos saw a bounce from $6 support today.
  • Further upside currently gets rejected.

The price is resisting any further progress in the direction of $7.5, which was strong support earlier this week. As a result, we anticipate XTZ/USD to attempt to revisit the $7.0 support soon.

The price is currently being rejected at the 38.2% Fibonacci retracement level, showing that buying pressure building up further down.

Tezos price movement in the last 24 hours: Tezos bounces from key support levels

After a recent decline, XTZ/USD is now pushing higher. The pair was up over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has been pretty low this morning; as of writing, it stands at $157m.

The daily chart’s Stochastic indicator is moving up to indicate a return in bullish momentum. However, RSI hasn’t followed suit, suggesting that Tezos’ climb might have already ended. This means that a drop towards the $6.00 area could come pretty soon.

The seven-day SMA has formed a bearish crossover, confirming the current trend reversal, with lower highs and higher lows. After briefly touching on $7.50, XTZ/USD plummeted to a low of $7.00 before recovering somewhat at $6.93.

Tezos price analysis 4-hour chart: XTZ to go for another test of the $6 support?

On the hourly chart, we can see that the Tezos price has failed to move significantly higher today, suggesting another bearish trend overnight.

Tezos price analysis: Tezos is bearish for the next 24 hours 1XTZ/USD 4-hour chart. Source: TradingView

Tezos’ price has increased significantly this month, with buying momentum returning. A new broad high-low range was established on September 7th after falling to $4 the day before. On September 12th, the price reached a weekly high of $6.38, before declining back to near its opening levels at $6.50; we can see this in the daily chart.

The breakout from this range occurred on September 20th, when XTZ/USD moved to $6.76, before moving up to test the upper boundary of its new range at $7.20. After being rejected, it plummeted back down to test support around $6as shown in the hourly chart below.

As expected, XTZ/USD has tested resistance at $6 today and is now continuing lower into buying territory that also holds key support levels; this should provide opportunities for buyers looking to accumulate during the next few hours or days ahead.

Today, Tezo’s price had fallen to a low of $6.80 before it started moving higher again after testing the crucial support area between $7 and $7.20 – where buyers are waiting to jump in with their orders. XTZ/USD will likely attempt another bounce soon unless there will be further decline below $6.

On September 14th, XTZ/USD was up 100% to $8. However, the market did not continue to rise for long; instead, it reversed in the following days.

On Monday, the Tezos price fell 25%, with $6 serving as support the day before. The XTZ/USD pair has been in an upswing lately, with bearish momentum returning over the last several hours.

Tezos Price Analysis: Conclusion 

The Tezos price prediction for today is bearish. A further decline to the $6.00 support level is possible; if XTZ/USD falls below this line, it will most likely continue to fall. In our opinion, a bounce from the $6.00 mark would be a buying opportunity, but history shows that resistance at the top end of the daily range might cause delays (marked by a circle on the chart).

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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