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Tezos price analysis: XTZ/USD may retest the $1.57 resistance soon

Tezos price analysis

TL;DR Breakdown

  • Tezos price analysis is slightly bullish today
  • XTZ/USD retraced slightly after yesterday’s dip
  • It is currently trading around the $1.48 mark and is expected to see massive resistance at $1.57
  • The support line is set at $1.4097
  • This might be a good time to dollar cost average your position in Tezos for a long-term hold
  • Short-term investments are not a good idea right now

Today marks a bullish day for Tezos price analysis since the entire crypto market is currently on an upwards rally after the significant dip yesterday.  

Crypto heat map
Cryptocurrency heat map by Coin360

However, the crypto heat map shows us that the rally is not significant even though the market is showing slight signs of recovery. Bitcoin recovered by only 0.61 percent while Ethereum shows a 3.33 percent recovery today.

1-day Tezos price analysis
Tezos Price Chart by TradingView

If we look at the 1-day Tezos price analysis, we can see that it was slowly retracing by making higher highs and higher lows until 17th August after which it dipped. Since then, Tezos mostly traded in a close range and continue to dip after short upward rallies.

Now after yesterday’s dip, it is on the rise again. The RSI is quite balanced at 44. However, the MACD analysis on the daily chart shows that the bearish momentum is not entirely given up yet. Could this mean that Tezos will further dip even further? Well, it is quite likely.

Tezos 24-hour price movement: Tezos is slowly retracing after yesterday’s dip

1-hour Tezos price analysis
Tezos Price Chart by TradingView

Yesterday’s dip was not particularly a pleasant one. It carried on until early today when Tezos reached a daily low of $1.4097. But this is where massive support kicked in and it started retracing again.

Unfortunately, the MACD indicator shows us that the little positive momentum might be getting exhausted soon. In that case, the bears can take over again and Tezos will retest the support line at $1.4097.

Overall, Tezos is up by 3.35 percent in the last 24 hours and the market cap has also gone up by 3.62 percent. Its trading volume is also on the rise as it increased by 43.13 percent.

However, what is the likelihood of Tezos dipping again? The chances are high since the bearish sentiment in the market is still running high. This short increase in price was nothing but a rally triggered by the support line. But the support can easily be broken if retested a few times.

4-hour Tezos price analysis: The bulls may not hold for long

4-hour Tezos price analysis
Tezos Price Chart by TradingView

The RSI on the 4-hour Tezos price analysis seems to be fairly balanced. However, the bulls may not significantly hold for long as resistance is ready to kick in. Tezos underwent a small bullish run after touching the support line at $1.4097. However, resistance is going to be high around the $1.57 mark.

For now, the 4-hour graph gives us a balanced picture as the RSI is around 43 and the MACD shows an impending crossover. It looks like Tezos will try to test the resistance line soon. But it is not likely to break it considering the bearish sentiments of the market.

Tezos price analysis: Conclusion

Tezos price analysis has not been particularly volatile and has traded in a range in the last few days. However, it went through a dip yesterday but recovered quickly. This is another sign that the bear market is not over yet and that there is a lot of uncertainty in the market. This might be a good time to dollar cost average your position in Tezos for a long-term hold. However, short-term investments are not recommended.

Before investing in cryptocurrencies, it is important to know about the different scams that run rampant in the web 3 space. Read our articles on crypto scams and educate yourself to stay safe.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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