- Tezos price analysis is bullish today.
- XTZ/USD saw another push lower overnight.
- Reaction seen around $5.50.
Tezos price analysis is bullish today as bulls rejected further downside after a quick test of the $5.50 support. Therefore, we expect XTZ/USD to rally higher over the next 24 hours and regain the loss seen over the past days.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin gained 0.25 percent, while Ethereum had a slight loss of 0.23 percent. Meanwhile, Binance Coin (BNB) is the top performer, with a gain of almost 8 percent.
Tezos price movement in the last 24 hours: Tezos finds support at $5.50
XTZ/USD traded in a range of $5.37 – $6.23, indicating strong volatility over the last 24 hours. Trading volume has increased by 5.55 percent and totals $677.6 billion, while the total market cap trades around $5 billion, ranking the coin in 30th place.
XTZ/USD 4-hour chart: XTZ looks to regain loss?
On the 4-hour chart, we can see Tezos price action spiking higher, indicating that bears are exhausted.
Tezos price action has continued to trade within an increasingly tighter symmetrical triangle pattern over the past week. After reaching the $8 mark on the 14th of September, another higher low was set around $4.5 early last week.
What followed was another attempt to push higher, with a lower swing high set at $7.50, indicating an increasingly tighter consolidation range forming overall. Over the past days, XTZ/USD saw a steady decline, with the $5.50 mark reached overnight.
Since then, Tezos price has seen reaction higher, potentially indicating a higher low forming again. Overall this price action development should result in another push higher latest his week.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as another higher low has likely been set after a reaction from the $5.50 mark was seen earlier today. Therefore, we expect XTZ/USD to increase over the next 24 hours and regain some of the loss seen this week.
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