Tezos Price Analysis: XTZ retests $6.7 as resistance, more downside to follow?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD tests previous support at $6.70 as resistance.
  • Next support at $6.

Tezos price analysis is bearish today as previous support at $6.70 currently gets tested as a resistance, likely leading towards more downside today. Therefore, unless XTZ/USD breaks above the resistance, we expect further downside to the $6 support over the next 24 hours.

Tezos Price Analysis: XTZ retests $6.7 as resistance, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin managed to gain only 0.26 percent, while Ethereum lost 1.18 percent. Meanwhile, Fantom (FTM) is the top performer, with again of more than 10 percent.

Tezos price movement in the last 24 hours: Tezos retests $6.7 previous support as resistance

XTZ/USD traded in a range of $6.39 – $6.79, indicating low volatility over the last 24 hours. Trading volume has declined by 10.13 percent and totals $253.3 million, while the total market cap trades around $5.72 billion, ranking the coin in 35th place overall.

XTZ/USD 4-hour chart: XTZ to see further downside today?

On the 4-hour chart, we can see Tezos price action currently respecting the $6.70 resistance, indicating that more downside will follow.

Tezos Price Analysis: XTZ retests $6.7 as resistance, more downside to follow?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price saw strong performance over the first week of October. From the $5.50 low, XTZ/USD gained more than 60 percent until the market peaked at around $9 on the 4th of October.

Since then, a slow retracement, setting both lower lows and highs, has been seen. The last swing low was set at $6.70 on the 12th of October, potentially indicating an end to the reversal.

However, after a reaction higher and a slow retracement further, the support was broken over the weekend, leading to a new local low at $6.40. Overnight, Tezos price moved back to the $6.70 mark to test it as a resistance. 

So far, the $6.70 mark prevents further upside, likely leading Tezos lower later today.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as resistance has been found at the previous support of $6.70. Therefore, we expect XTZ/USD to continue lower later today, with the $6 mark as the next support target.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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