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Tezos Price Analysis: XTZ/USD set to break above $5 next

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.

XTZ/USD failed to breach the $4 support again. We are now in for another attempt at retesting the $4 resistance, which is currently acting as support, with a few possible scenarios playing out like we will see today.

On the other hand, there could be another attempt at breaching it and continuing on an uptrend, making XTZ/USD trade around $5 in the next couple of days. However, given that this level has provided significant support throughout the past months, traders might opt for a more cautious approach like yesterday, where the price went back down to retest the level before breaking in our direction with no major signs of rejection after testing it.

Therefore, in case of any downside momentum, this level will most probably act as resistance, and we will go back to test $4.30 and even lower if it is breached.

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. XTZ/USD failed to breach the $4 support again. We are now in for another attempt at retesting the $4 resistance, which is currently acting as support with a few possible scenarios playing out like we will see today; on the other hand, there could be another attempt at breaching it and continuing on an uptrend; making XTZ/USD trade around $5 in next couple of days.

However, given that this level has provided significant support throughout the past months, traders might opt for a more cautious approach like yesterday, where the price went back down to retest the level before breaking in our direction with no major signs of rejection after testing it.

Therefore, in case of any downside momentum, this level will most probably act as resistance, and we will go back to test $4.30 and even lower if it is breached.

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

We can see that the Tezos price momentum is slowly building up on the 4-hour chart, which may lead back to $4.65 resistance.

Tezos Price Analysis: XTZ/USD set to break above $5 next 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tether has had a volatile month thus far. After falling 40% in the first week of December, the value of XTZ/USD rose once again to $6.2 by the 9th of December, recovering from its previous low.

Bulls could not sustain the gains, and a substantial selloff occurred when they did. Support was eventually discovered at the $4 mark, with consolidation observed above since.

Everything considered the market appears to be on track for a significant move. Bulls will have the chance to push the market significantly higher when we break the $4.65 local resistance.

Tezos Price Analysis: Conclusion 

The price of Tether is back on the rise. As no further decline was observed, it has been confirmed that the downtrend has finally ended and that traders are now looking at a future of the upward movement. As a result, we expect XTZ/USD to increase even more and aim for a breakout above $4.65.

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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