- Tezos price analysis is bearish today.
- XTZ/USD spiked to $5.90 yesterday.
- TXTZ/USD is currrently trading at $5.2.
Today’s Tezos price analysis is bearish, as we anticipate a retracement following a robust rally of around 40 percent yesterday. Now that the probable bulls are finally worn out, XTZ/USD may drop back some of its previous gains later this week.
Tezos price movement in the last 24 hours: Tezos spikes higher, rejects further upside at $5.90
On the daily chart, XTZ/USD formed a double bottom pattern in the last several days, which means it’s time to expect higher prices again.
However, Tezos price analysis is generally bearish today because of its massive rally since mid-August. Now that bulls are likely running out of steam, XTZ/USD will probably retrace some of its previous gains later this week. If you’re not already holding XTZs, now might be a good time to purchase them.
The RSI (relative strength index) indicator is also trending upwards and suggests that bulls are in control of the market at this moment. However, Tezos price analysis is generally bearish today because of its massive rally since mid-August. Now that bulls are likely running out of steam, XTZ/USD will probably retrace some of its previous gains later this week. If you’re not already holding XTZ, now might be a good time to purchase them.
XTZ/USD 4-hour chart: XTZ currently prepares to reverse?
The Tezos price is now trading near the $1.00 level, having rejected further upside over the past hours as bulls were worn out after a strong rally yesterday.
The cryptocurrency’s price has been steadily declining for weeks. The previous high was broken after establishing a high at the end of November, creating a strong higher peak. However, it did not last long.
On December 6, the XTZ/USD pair fell over 12 percent in a single day. The pair later reversed and formed a stronger low at $3.40 on Saturday night before consolidating around the $4 level during the weekend.
Then the Tezos price increased gradually until yesterday when another equally strong surge occurred. When XTZ/USD neared the previous major swing high, it hit a value of $5.90, demonstrating a lot of momentum. Suppose Tezes can establish a solid lower low during the next retracement. In that case, the XTZ/USD pair could form a positive higher low setup at around $5.50 or even higher if bulls can maintain the momentum, which would be ideal for future growth.
Tezos Price Analysis: Conclusion
The price of Tezos is now bearish, as we anticipate a retracement following a strong rise that brought the market to its previous major swing high yesterday. As a result, we expect XTZ/USD to drop further and look for an increase in lows as the next stage to reverse the overall bearish trend.
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