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- Tezos price analysis is bearish.
- XTZ/USD shows exhaustion below the $7 mark.
- Closest support at $6.35.
The price of Tezos is bearish today, as signs of exhaustion have been observed below the $7 level after a continuous rise over the past 24 hours. As a result, we expect XTZ/USD to drop over the next 24 hours and aim to revisit the $6.35 support.
Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana, and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.
Tezos price movement in the last 24 hours: Tezos steadily rises to $7
XTZ/USD is exchanging hands between $6.224 to $6.713 on the daily chart, which shows little movement in the last 24 hours. Volume has increased by 21.75 percent and stands at $282 million, while the market capitalization is around $5.922 billion, putting it in 37th place globally.
XTZ/USD 4-hour chart: XTZ set to reverse below $7?
On the hourly scale, we can see bearish momentum building below $7, which is likely to push Tezos price lower over the next 24 hours.
In the last few weeks, Tezos price action has been moving lower. After an early rally to $9, a clear higher high was established in October.
After peaking at $6.62 on May 3, XTZ/USD steadily retreated for several weeks until the bearish momentum began to decelerate at the $6.35 mark. On October 24, the first indication of recovery was created when the support was retested for a second time.
However, a higher high has yet to be achieved, suggesting that we should expect another test of support before too long. XTZ presently has set a fresh lower peak, implying that it will most likely undertake a test of the support over the next 24 hours.
Tezos Price Analysis: Conclusion
The bears have taken control of the market, and in fact, Tezos is in an uptrend that has been going on for roughly 8 months. The price is currently bearish because another lower high has undoubtedly been established just below the $7 mark. As a result, we anticipate XTZ/USD to decline further and attempt to test lower support.
While waiting for Tezos to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.