- XTZ breaks $5.4 previous high.
- New all-time high at $6.47.
- $5.4 resistance to be tested as support.
Today’s Tezos price prediction bearish as the market has set a new all-time high at $6.47 and gained almost 40 percent. Further upside is rejected as of now, indicating that we should see a retracement over the next few days.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market pushed higher over the last 24 hours. Ripple (XRP) and Tezos(XTZ) are among the best performers, with gains of 29.5 and 20 percent, respectively. The rest of the market follows the bullish momentum and could likely post similar gains later this week.
Tezos price prediction: Tezos peaks at $6.47, prepares to retrace
XTZ/USD opened at $6.1 after setting a new all-time high at $6.47 yesterday and moving slightly lower. Right now, the Tezos price action has turned bearish again as the market trades close to the $6 mark. If we see further downside below $6, we are likely to see further downside over the next days as a more substantial retracement is made.
Tezos price movement in the last 24 hours
The XTZ/USD price moved in a range of $5.16 – $6.47 as the market saw huge upside volatility over the last 24 hours. Trading volume has spiked by 284 percent and totals $1.47 trillion. Market cap has increased to $4.68 billion, ranking the cryptocurrency in 30th place overall.
XTZ/USD 4-hour chart – XTZ sets a new all-time high at $6.47
On the 4-hour chart, we can see XTZ looking to close the current 4-hour candle very bearish, indicating that we will see further downside later today as XTZ/USD looks to retrace some of the gains.
XTZ/USD 4-hour chart. Source: TradingView
Overall, Tezos has seen good performance over the last month. After finding support of around $3.2 at the end of February, the market consolidated for more than a week and retested the support several times. At the beginning of March, the Tezos price action finally broke above $3.8 resistance and started trending higher until strong resistance was met around $4.5.
Tezos spent most of March attempting to break through the $4.5 mark, with rejections leading to retest the previous resistance at $3.8 as support. On the 25th of March, XTZ/USD retested the $3.8 support for the last time and rapidly gained momentum until the $4.5 resistance was finally broken. Resistance was found at $4.8, after which the market retraced and set a clear higher high, indicating bullish momentum building.
What followed was another rally towards the next major resistance area around $5.4, resulting in a quick gain of over 25 percent. Over the weekend, the Tezos price action turned bearish again and retraced to the $4.7 mark, where rejection for further downside was immediately seen.
After the rejection for further downside, XTZ/USD started to push higher over the next 24 hours until a rapid spike higher was eventually made Yesterday. The market moved through the previous swing high of $5,4 rapidly, and a couple of hours later new all-time high at $6.47 was set.
Right now, Tezos price momentum shifts to bearish again. Therefore, we are likely to see retracement over the next few days. The most obvious area for the retracement to reach is seen around the previous resistance, which into support at $5.4. This price level is also in confluence with the 61.8 Fibonacci retracement level from the current upswing. Once this support level is reached, a long position could be taken with good risk/reward potential.
Tezos Price Prediction: Conclusion
Tezos price prediction is bearish as the market is exhausted after almost a 40 percent gain over the past 24 hours. The current 4-hour bearish candle signals that further downside is rejected, and we should see a substantial retracement later today. A potential support area is located at the previous swing high of $5.4.
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.