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Tezos price analysis: XTZ/USD is getting ready to retest the $0.8253 local support

Tezos price analysis

TL;DR Breakdown

  • Tezos price analysis remained slightly bearish today
  • The Tezos market continued consolidating sideways
  • Tezos might be gearing up to test the local support at $0.8253
  • This is not a good time to invest for short-term gains

Tezos price analysis has been slightly bearish today. However, if we compare it with the closing price of yesterday, Tezos price has remained somewhat unchanged. However, it is clear that the market has bearish sentiments, which could cause the price to dip in the next few hours.

1-day Tezos price analysis
Tezos Price Chart by TradingView

The 1-day price analysis shows that the RSI is currently on the oversold side. At the same time, the MACD indicator reveals further exhaustion of the bulls, as the strength of the red histograms is increasing. The bears have full control of the market and are ready to pull the price lower.

24-hour Tezos price analysis

1-hour Tezos price analysis
Tezos Price Chart by TradingView

Tezos has not been very volatile in the last 24 hours. Instead, the market traded in a range for the most part. The RSI on the hourly chart is currently at 50, suggesting that the market is balanced in the short term. So, we can expect Tezos to remain in its range for a few hours before further dipping lower.

Overall, Tezos set a 24-hour low at $0.8287 and a 24-hour high at the $0.8488 mark. Currently, Tezos has local support set around $0.8253. Considering the current conditions of the market, it can certainly test this support and break lower. So, the next 24 hours can also be bearish.

4-hour Tezos price analysis: Is Tezos ready to break lower than $0.8253?

4-hours Tezos price analysis
Tezos Price Chart by TradingView

Just like the daily chart, the RSI on the 4-hour chart is on the oversold side. So, in the bigger picture, the market is noticeably bearish. Since cryptocurrencies are highly based on speculation, this may not be a good time to invest for short-term gains. While the MACD indicator shows some improvement, the RSI does not give a positive indication. So short-term traders should avoid making an entry at this point.

Tezos price analysis: Conclusion

Overall, Tezos remained balanced today if we compare the price with yesterday. The market showed little to not volatility and so it continued consolidating sideways. However, now that the day is nearing its end, Tezos might be gearing up to test the support at $0.8253. Can it dip lower? Well, it is very much a possibility. If you are more interested in the bigger picture, you may want to read our detailed Tezos price prediction.

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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