- Tezos price analysis is bearish today.
- XTZ/USD saw a slow retracement yesterday.
- Closest support at $6.75.
Tezos price analysis is bearish today as bearish momentum has pushed XTZ below the $7.50 mark again. Therefore, we expect XTZ/USD will see further retracement over the next 24 hours and likely target the $6.75 mark next.
The overall market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, both lost around 2 percent. Tezos (XTZ) performed even worse and saw a loss of 5 percent.
Tezos price movement in the last 24 hours: Tezos retraces back below $7.50 support
XTZ/USD traded in a range of $7.22 – $7.77, indicating mild volatility over the last 24 hours. Trading volume has declined by 31.31 percent and totals $506 billion, while the total market cap trades around $6.34 billion, ranking the coin in 33rd place overall.
XTZ/USD 4-hour chart: XTZ to drop to $6.75 next?
On the 4-hour chart, we can see bearish pressure still strong, indicating that Tezos price action will likely drop further over the next 24 hours.
Tezos saw both lower high and higher low set by the end of September, indicating indecision in the market. After another higher low was set at $5.50 by the end of September, strong bullish momentum was seen during the first days of October.
Previous swing highs at $7.5 and $8 were clearly broken, with XTZ/USD eventually peaking at the $9 mark on the 4th of October. Below the newly set higher swing high, Tezos consolidated for more than 24 hours before a strong decline lower took the market towards the $7.50 previous resistance, now acting as support.
More downside was initially rejected, sending Tezos price into a quick spike higher on the 6th of October. However, bearish momentum quickly returned, resulting in a slow retracement below $7.50 support, which will likely lead XTZ/USD to the $6.75 support next.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish for the next 24 hours as another decline below $7.50 support was seen yesterday. Therefore, we expect XTZ/USD to retrace even more and likely test the $6.75 next support over the weekend.
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