Tezos price analysis: XTZ corrects after hitting a weekly high at $5.6

Tezos price analysis XTZ corrects after hitting a weekly high at

TL;DR Breakdown

The Tezos price analysis is bearish today.
Support is still set at the $5.2 level.
Resistance is present at $5.88.

The Tezos price analysis is bearish for today as the coin underwent correction after marking a weekly high yesterday. The XTZ/USD spiked yesterday, making a high jump towards $5.6 from $4.6. But XTZ got rejected from further upside and started correcting today as the selling pressure again built up. The XTZ is on a downwards trend from 4th October after hitting a record high at $8.6, and the downtrend still continues as the coin hasn’t been able to gather strength to reverse the trend.

XTZ/USD 1-day price chart: Price reverts back as bears exercise control

The 1-day Tezos price analysis shows a decrease in price as bears took over the price function again. XTZ/USD traded in a range of $5.9 to $5.2 today; the crypto pair is trading hands at $5.38 at the time of writing. Due to yesterday’s price surge, the coin still reports a 14.9 percent increase in value over the last 24 hours and also reports a 4.6 percent increase in value over the last week. The trading volume shows a remarkable increase of 581.9 percent as well.

Tezos price analysis: XTZ corrects after hitting a weekly high at $5.6 1
XTZ/USD 1-day price chart. Source: TradingView

The volatility is mild, with the upper limit of the Bollinger bands at the $6 mark representing resistance for XTZ, and the lower limit is at the $4.44 mark. The average of the Bollinger bands at the $5.3 mark represents support for XTZ, where bulls might get a chance as the price continues to travel down today.

The relative strength index (RSI) spike high yesterday as the demand increased for XTZ, the RSI also traveled towards the upper half of the neutral zone, but today’s selling pressure has brought it back below the centerline of the indicator, as now the RSI trades at index 48 on a downwards slope indicating the selling activity in the market.

Tezos price analysis: Recent developments and further technical indications

The 4-hour Tezos price analysis shows that after the price breakout downwards, the price continues covering the downwards range as the second candlestick is also red. The price function remained upwards yesterday and after going up to such a level, the correction was technically due.

Tezos price analysis: XTZ corrects after hitting a weekly high at $5.6 2
XTZ/USD 4-hours price chart. Source: TradingView

The volatility is very high on the 4-hour chart as the Bollinger bands started to expand yesterday, and the divergence continued today as well, but now the lower band has started to stabilize, while the upper band continues upside. The price has stepped below the upper band level, and now the mean average of the indicator at $4.8 represents the support zone for XTZ. The RSI has entered back into the neutral zone, and the RSI is trading on a downwards slope, hinting at the seeling pressure at index 66.

Tezos price analysis conclusion

The Tezos price analysis suggests XTZ is again bearish for today after spiking high yesterday, but the coin value has decreased significantly since October, and the market is feeling the pressure today as well. However, it seems to be a good time to scoop up some coins as the price is already low and the red cycle may soon be over. However, for today we expect XTZ to continue downside before moving up later at the end of today’s session.

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.

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