Ethereum
$ 1,244.34 0.74%
Solana
$ 42.40 0.54%
Dogecoin
$ 0.068517 1.51%
ApeCoin
$ 4.51 0.25%
Bitcoin
$ 21,483.00 0.72%
BNB
$ 239.74 0.66%

Tezos Price Analysis: XTZ briefly spikes below $4 major support, another attempt to break lower today?

Tezos Price analysis

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD retraced to $4.3.
  • Sellers are slowly taking over again.

Tezos price analysis is bearish today as we saw the previous drop below $4 major support met with a reaction higher overnight. XTZ/USD now is likely ready for another test of downside as enough has been retraced.

Tezos Price Analysis: XTZ briefly spikes below $4 major support, another attempt to break lower today? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a slight decline over the last 24 hours. The leaders, Bitcoin and Ethereum, are down by 0.49 and 2.66 percent, respectively. Meanwhile, Tezos (XTZ) trades almost flat after recovery overnight.

Tezos price movement in the last 24 hours: Tezos spikes below $4, retraces to $4.3

XTZ/USD traded in a range of $3.90 – $4.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.54 percent, totaling $193 million, while the total market cap trades around $3.7 billion, ranking the coin in 42nd place overall.

XTZ/USD 4-hour chart: XTZ begins another push lower?

On the 4-hour chart, we can see bearish momentum returning for the Tezos price action, likely leading to another test of downside early next week.

Tezos Price Analysis: XTZ briefly spikes below $4 major support, another attempt to break lower today?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has seen a substantial decline this week after previously reaching a new higher high at $5.35. On the 5th of December, the initial move lower led to a loss of 18 percent, with more tests of downside later in the week.

Yesterday, the final drop lower took XTZ/USD to $3.9, where the previous major support area was seen. From there, Tezos quickly reacted higher, moving to $4.3 earlier today.

Since another lower high was set, the Tezos price is likely now ready to test further downside. However, the major several-week support around $3.8-$4 could reverse the market next week.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect the current retracement to end soon. Since another lower high was set, XTZ/USD should move to test the $3,000 current low again early next week.

While waiting for Tezos to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
3 Innovative Coins Presenting Unique Income Opportunities

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users