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Tezos Price Analysis: XTZ spikes to $3.99, shows signs of recovery

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD found support at $3.40.
  • Strong rejection higher was seen since.

We maintain a positive view on Tezos price throughout the day as we anticipate further progress to come later in the day. We expect an upswing in XTZ/USD after strong resistance was broken at $3.40, with recovery expected over the week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has posted mixed results over the last 24 hours, with a lot of the downside already regained. Market leaders, Bitcoin and Ethereum, gained flat rates of 0.26 and 0.43 percent, respectively, while the rest of the top altcoins have lost.

Tezos price movement in the last 24 hours: Tezos rejected at higher high of $3.99

Today’s session on Binance Exchange saw the price of XTZ/USD fluctuate between $3.6 and $3.99, with little volatility over the previous 24 hours. Trading volume has increased by 139%, totalling roughly $434 million. Meanwhile, the market capitalization is valued at around $3.53 billion, putting Tezos in 43rd place on CoinMarketCap.

Today, Tezos price analysis shows that XTZ is up by $0.11 today.

At the time of writing, XTZ is being traded at $3.37 and is up by 1.15 percent over the past 24 hours. The market cap of Tezos currently stands at $3.53 billion, with a 24-hour volume of $434 million.

XTZ/USD 4-hour chart: XTZ starts to recover the previous loss

On the 4-hour chart, we observe that the Tezos price has accelerated higher in recent hours, potentially resulting in a reversal over the following days.

XTZ/USD 4-hour chart. Source: TradingView

Over the last few weeks, Tezos’ price has been on a downward trajectory. On November 30, a new major swing low was reached at $4.27, implying a more than 50 percent retracement from the previous all-time high.

On Monday, a powerful bullish run took over the market, resulting in a return to $6 and a strong higher high established. Bulls, on the other hand, were unable to maintain momentum for long, causing prices to drop gradually throughout the week.

XTZ/USD plummeted sharply again today, following a brief upside test last night. The previous low was shattered overnight, resulting in the formation of a new solid lower swing low set at $3.40. However, because of the strong reaction higher that followed, we now expect a retracement over the next days.

Tezos Price Analysis: Conclusion

Today’s analysis of the Tezos price is also bullish, as we anticipate a recovery to follow after a sharp rise past $3.40. Because XTZ/USD has shown a significant reaction higher over the last several hours, we believe bears will be depleted.

While waiting for Tezos to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

This post was last modified on December 6, 2021 5:28 am

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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