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

Tezos Price Analysis

TL;DR Breakdown

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

We remain optimistic about the Tezos price throughout the day, as we anticipate further development later in the day. After overcoming strong resistance at $3.40, we expect an upswing in XTZ/USD, with recovery over the week slightly more likely.

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

After a short period of sideways trading in XTZ/USD, we can see a powerful bullish signal was generated today. A strong rejection higher made way for important support between $3.40 and $3.30. Weg for Tezos prices throughout the day and into next week’s closes if this level holds. If this level holds, The RSI indicator remains proportionately lower than average at 50%, which gives us confidence regarding possible development later in the day or over the upcoming days. Momentum is still slightly bearish, but we see this as a buying opportunity in anticipation of a breakout.

Meanwhile, the Bitcoin price has been on a tear lately, reaching all-time highs and pushing market capitalization levels to new records. This provides an overall bullish backdrop for Tezos and other altcoins as investors look to diversify their portfolios. We believe that the Tezos price will continue to grow throughout the day and into next week’s closes, although there is some risk associated with unforeseen events.

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

On the hourly chart, we see that the Tezos price has risen more quickly in recent hours, potentially leading to a reversal in the following days.

XTZ/USD 4-hour chart. Source: TradingView

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

On Monday, the market experienced a strong surge, resulting in a return to $6 and forming a solid higher high. However, bulls could not keep up their momentum for long, which resulted in values gradually decreasing throughout the week.

After briefly trading at $3.65 on Friday, the XTZ/USD pair bounced back up to $4.50 today. This morning’s low was shattered overnight, and a new solid lower swing low formed at $3.40 due to it. However, because of the strong reaction higher that came after, we now anticipate a retracement over the next days.

Tezos Price Analysis: Conclusion 

Tezos price is also looking healthy today, with a projected recovery following a substantial advance above $3.40. We anticipate that bears will be exhausted after watching XTZ/USD react strongly in the previous several hours.

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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