logo

Tezos Price Analysis: XTZ retraces to $4.2, swiftly spikes higher

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD found support at $4.20 yesterday.
  • Spike higher was seen overnight.

Tezos price analysis is bullish today as we expect more upside to follow after support was established and retested at $4.20. From the support, XTZ/USD has already seen a strong push higher, leading the market to $4.65 next resistance.

Tezos Price Analysis: XTZ retraces to $4.2, swiftly spikes higher 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded in the red over the last 24 hours. The market leader, Bitcoin, has declined by 1.67 percent, while Ethereum by 1.9 percent. Tezos (XTZ) meanwhile has gained almost 4 percent and is among the best performers. 

Tezos price movement in the last 24 hours: Tezos tests next resistance at $4.65

XTZ/USD traded in a range of $4.20 – $4.72, indicating substantial volatility over the last 24 hours. Trading volume has increased by 31 percent, totaling $192 million, while the total market cap trades around $4 billion, ranking the coin in 44th place overall.

XTZ/USD 4-hour chart: XTZ pauses before more upside is seen?

On the 4-hour chart, we can see the Tezos price action spiking higher overnight, potentially indicating a beginning of a more substantial rally.

Tezos Price Analysis: XTZ retraces to $4.2, spikes higher
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has seen a strong selloff this week, with support found at $4.20. The decline followed a more than week-long rally earlier in December, leading to a strong swing high set at $5.2.

The market quickly reversed from there, declining by over 18 percent until support was found on Wednesday. Consolidation followed over the next 24 hours, forming a base from which to reverse.

After another brief retest of downside late yesterday, Tezos price quickly spiked higher overnight, reaching the $4.65 next resistance. Over the past hours, bulls have calmed down, likely as another test of upside gets prepared.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish today as we expect more upside to follow after a spike higher overnight. Currently, XTZ/USD has slightly retraced, however, more upside should follow shortly.

While waiting for Tezos to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

[the_ad_placement id=”writers”]

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.

Related News

Hot Stories

Bitcoin, Binance Coin, Shiba Inu, and Tron Daily Price Analyses – 3 December Morning Prediction
Alameda/FTX invested heavily in Bitcoin miner Genesis Digital
Polkadot price analysis: Bulls push price back up above $5.58 after a sharp increase
ChainLink price analysis: LINK obtains bearish momentum at $7.4
Solana price analysis: Dark cloudiness is dissipating as SOL/USD prices near $13.53

Follow Us

Industry News

MetaMask founder comments on Apple's demand for a 30% cut of the NFT gas fee
Stripe unveils new crypto to fiat feature
'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?

Add Your Heading Text Here