Ethereum
$ 1,163.10 3.56%
Solana
$ 36.21 6.85%
Dogecoin
$ 0.067615 7.29%
ApeCoin
$ 5.07 1.56%
Bitcoin
$ 20,302.00 3.16%
BNB
$ 232.87 0.76%

Tezos Price Analysis: XTZ retest $4 support, will it hold?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD retraced back to $4 support.
  • Next support at $3.80. 

Tezos price analysis is bearish today as we expect further drop to follow below the $4 support. Likely, bears have gathered enough momentum to finally break past the support after it reversed the market several times last week.

Tezos Price Analysis: XTZ retest $4 support, will it hold? 1
Cryptocurrency heat map. Source: Coin360

Overall, the cryptocurrency market has seen bearish momentum over the last 24 hours return. The market leaders, Bitcoin and Ethereum, trade in the red, with a loss of 2.39 and 3.14, respectively. Meanwhile, Tezos (XTZ) has lost over 4 percent.

Tezos price movement in the last 24 hours: Tezos retraces back to $4 support

XTZ/USD traded in a range of $3.98 – $4.24, indicating a moderate market volatility. Trading volume has increased by 4.63 percent, totaling $145.9 million, while the total market cap trades around $3.5 billion, ranking the coin in 41st place overall.

XTZ/USD 4-hour chart: XTZ looks to break lower?

On the 4-hour chart, we can see the $4 support currently tested, likely meaning that we will see the Tezos price action breaking lower later today.

Tezos Price Analysis: XTZ retest $4 support, will it hold?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has consolidated sideways for the past week. After strong volatility at the beginning of the month, XTZ/USD saw both a strong lower low set above $3.4 and a higher high below $6.2.

Since then, the market has retraced to the $4 mark, where consolidation was formed. Local resistance was established around $4.85, with several retests since both ways.

However, considering the lack of bullish momentum over the weekend, the support could finally be broken. In this scenario, the next support for Tezos price action can be seen relatively close – at the $3.80 mark.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect further downside to follow. Previously the $4 support reversed XTZ/USD several times, however, lack of buying pressure will likely lead to more downside.

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

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records