- Tezos price analysis is bullish today.
- XTZ/USD is currently tradig at $4.7.
- 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. A break of this level will lead towards the September high at $5.65, which is more than 100% from current levels.
Price action is still bullish, and we continue to expect further upside in Tezos price analysis. Indeed, yesterday we said we expected buyers to re-enter with volume and push higher, which was helped by an increase in trade volume. This morning most major cryptos across the board are trading in the green, but Tezos is wearing it best with close to 10% gains since this time yesterday. Despite the substantial rise today, XTZ/USD is yet to retest resistance at $4.20 (September high), meaning there’s plenty of scope for further upside.
We could see a small pullback at the current level, and for this, we expect support to be seen at $4.20, closely followed by $4.00, which is an important psychological level for Tezos price analysis. Only a close below here may force us to re-evaluate our bullish view, but as it stands, we remain long into XTZ/USD with stops just below $4 (at around September 12 lows).
Looking forward, any pullback will only be short-term as the weekly chart points very strongly higher and should help push prices higher in Tezos price analysis. We should see resistance above $5.65—the September high —soon, and therefore buyers need to remain strong today and hold off selling positions if they have any. It is a bullish market, and there’s room for growth, so sit back and enjoy the ride.
XTZ/USD 4-hour chart: Bullish signals
On the 4-hour chart, we may observe the Tezos price jump higher overnight, suggesting that a significant increase is likely.
The price of Tezos has been falling this week, with support located at $4.20. The decline followed a more than week-long rally earlier in December, resulting in a significant swing high set at $5.2.
The market began to fall the next day, with Bitcoin hitting an intraday low of $12,947 on November 15. The price reversed and fell by over 18% until support was established on Wednesday. Consolidation occurred afterward, establishing a foundation from which to reverse.
The price of Tezos rallied rapidly overnight, surpassing the $4.65 resistance and reaching the $5 mark again. During the last few hours, bulls have stopped fighting, possibly as another upside test is prepared.
Tezos Price Analysis: Conclusion
The price of Tezos is currently trading near the bottom boundary of its ascending channel, so today’s analysis is bullish. After a sharp rise overnight, we anticipate more upside to follow. XTZ/USD has slightly retraced, but additional appreciation should come soon.
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