- Tezos price analysis is bearish today.
- XTZ/USD rejects upside at $4.35.
- XTZ/USD is currently trading at $4.28.
The bearish view on Tezos is bolstered by the fact that the upside was rejected this morning when it rose to $4.35 overnight. As a result, XTZ/USD will almost certainly have to decrease even more before the price reaches again towards $12.66 and $4.35.
From yesterday’s low at $4.19, Tezos rose to a high of $4.35 during the day (a 5% rise). According to our technical analysis, this upside move was bound to be capped. However, XTZ/USD is now trading at $4.28 after rejecting an attempt today at breaking above the resistance line around $4.35. Therefore, it seems that XTZ/USD will almost certainly decrease more before it can reach again towards $4.12 and $4.35.
Tezos price movement in the last 24 hours: Tezos rallies to $4.35
The DMI shows bear accelerating their pressure towards XTZ/USD. Bears are in control of XTZ/USD at the moment with strong momentum pushing XTZ/USD down, while bulls seem like they want to go up but cannot do anything against bears’ dominance. The ADX line went above 25 showing increasing upward momentum, confirming this view. Also, notice how it has moved sideways without much momentum around the horizontal support level.
Tezos price forecast remains bearish for now. XTZ/USD will decrease even more before reaching again $4.12 and $4.35 resistance levels. Our next target after that should be around $3.50 while the upside will remain capped at $4.35 for a while before it can go higher to test its all-time high resistance level at $4.66.
Today’s Tezos price analysis assigns XTZ/USD a bearish view under the assumption that the downtrend line from yesterday holds today, which rules out any possibility of going back above $4.35 anytime soon. We’ll only see an increase in XTZ/USD if bulls manage to take back control over this market by pushing prices up again through the downtrend line, which currently stands around $4.28 or so. From previous experience, XTZ/USD will likely increase more than that should bull manage to break the downtrend line. This is especially true considering that yesterday’s price action broke below $4.12, revealing an increased demand for Tezos at lower prices.
Tezos price prediction remains bearish for now, with bears in control of the market pushing XTZ/USD down further. Tezos’ massive decrease in value bolsters this view since it started trading, erasing almost all of its gains, clearly showing how bearish this market has been over just 4 months! Although we might see some fluctuations around $4.35 and $4.12, breaking these support levels will lead towards an even more significant drop in Tezos price. It seems like the only upside potential comes from another bullish breakout should XTZ/USD break above $4.35 and $4.60 resistance levels which will open the gates for more increase towards its all-time high at $12.66.
XTZ/USD 4-hour chart: XTZ prepares to decline again?
On the 4-hour chart, we see rejection for upside again today after a slow push higher overnight.
This week’s end of the previous downturn has seen Tezos price action recover. After falling to $3,800 on the 10th of January, XTZ/USD reversed over the next 24 hours before breaking higher.
XTZ finally reached $4.45 on Wednesday, establishing a solid high before retreating to $4.10, where a minor consolidation took place yesterday.
Over the previous 24 hours, Tezos price increased again, possibly aiming to break past. However, selling pressure reappeared at around $4.35 this morning. As a result, we predict that XTZ/USD will retreat further before advancing any higher.
Tezos Price Analysis: Conclusion
The price of Tether is also having a bearish influence on Tezos. The upside has been rejected again today, around $4.35, which means that the price of Tezos must test further gains before more recovery next week.
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