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Tezos Price Analysis: XTZ fails to break $4 support, ready to reverse?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD failed to breach the $4 support again.
  • Tezos is set to test $4.65 resistance again.

Tezos price analysis is bullish today as we expect another rally higher to follow over the weekend after retesting the $4 support. Therefore, we expect a potential reversal to be slowly forming right now.

Tezos Price Analysis: XTZ fails to break $4 support, ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

Overall, the market has seen bullish momentum pick up again over the last 24 hours. The market leader, Bitcoin has gained 0.06 percent, while Ethereum 3.46 percent. Meanwhile, Avalanche (AVAX) and Terra (LUNA) are the top performers today, with an increase of 11 and 9 percent, respectively.

Tezos price movement in the last 24 hours: Tezos retests $4 support again

XTZ/USD traded in a range of $4.08 – $4.34, indicating strong volatility over the last 24 hours. Trading volume has declined by 18.34 percent, totaling 209 million, while the total market cap trades around $3.74 billion, ranking the coin in 42nd place overall.

XTZ/USD 4-hour chart: XTZ ready to spike higher?

On the 4-hour chart, we can see bullish momentum slowly returning for the Tezos price action today, likely leading back to $4.65 resistance.

Tezos Price Analysis: XTZ fails to break $4 support, ready to reverse?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has seen strong price swings so far this month. After a decline of 40 percent was seen during the first week of December, an equally strong rally took the price of XTZ/USD to a new higher high at $6.2 by the 9th of December.

However, bulls could not sustain the momentum, resulting in a massive selloff once again. Support was ultimately found at the $4 mark, with consolidation seen above since.

Considering the overall market structure, the Tezos price likely prepares for another major upswing. Likely as soon as we see the $4.65 local resistance break, bulls will have the opening to push the market a lot higher.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish today as further downside could not be reached again, leading to a slightly higher low set above $4 previous support. Therefore, we expect XTZ/USD to rally higher again and look to break above the $4.65.

While waiting for Tezos to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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