- Tezos price analysis is bearish for the next 24 hours.
- Tezos saw a bounce from $6 support today.
- Further upside currently gets rejected.
Tezos price analysis: General price overvieww
The daily Tezos price chart started with the sellers in charge. Bulls built a firm base at the low end of the day’s trading, $4.7, five minutes later. As a result, prices climbed and formed head and shoulder patterns to the intraday highs of $5.3, which sellers had established.
The bearish trend in Tezos’ price analysis continues today, as the market has retraced from $6 and is now rejecting any further gains near $5.85. As a result, we anticipate XTZ/USD to make another attempt at testing the $6 support area.
Tezos price analysis is trading bearishly on the daily chart with long red candlesticks that saw the coin retrace 1.42 percent lower from yesterday’s price. The XTZ/USD pair fell from the $4.2 support earlier on, and the bears have continued pulling the price downwards towards the $4.7 support.
The top cryptocurrencies BTC and ETH, are trading negatively as the sellers dominate the whole crypto market, causing price dips. Bitcoin has dropped by -6.43 percent, while ETH is down by -6.21 percent in what appears to be a coordinated selloff. Other altcoins are also performing similarly, with significant price variation. The meme coin has tumbled more than -15 percent, whereas Solan has dropped by -12 percent. Despite most digital assets being bearish, certain coins have recorded considerable price appreciation in the last 24 hours. In the wake of a hefty 16 percent price increase in less than an hour, OMG is the hottest gainer of the day, increasing its value by 17%.
XTZ/USD 4-hour chart: XTZ/USD is bullish
On the four-hour chart, we can see that the Tezos price has failed to rise significantly higher today, suggesting another selloff before night falls.
XTZ/USD 4-hour chart. Source: TradingView
The price of Tezos has been on a roll lately, with the digital currency recording a surge in value. After hitting $4 on September 7th, the cryptocurrency rose to new heights once again.
On September 14th, XTZ/USD rose 100%, reaching $8. However, the market did not remain at that level for long; instead, it fell rapidly over the following days.
The Balance of Power is lying on the negative side, meaning the XTZ/USD market is in the hands of the bears. Bulls are struggling to reverse the bear trend. However, the sellers have outnumbered the bulls hence the bearish momentum.
Tezos Price Analysis: Conclusion
At the moment, the bears have complete control of the market, as bulls were unable to push the price beyond $6.7 today. As a result, we anticipate XZX/USD to drop lower in the next 24 hours.
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