Tezos Price Analysis: XTZ drops to $5, more downside to follow?

• Tezos price analysis is bearish today.
• XTZ/USD saw bearish momentum take over yesterday.
• Next support at $4.65.

Tezos price analysis is bearish today as we expect more downside to follow after a strong selloff over the last 24 hours. Likely, XTZ/USD will move to test the $4.65 previous low over the next 24 hours.

Tezos price action has seen a continuous decline over the past weeks. A strong reversal followed after a new major swing high was set at $9.11 on the 4th of November.

Since then, XTZ/USD has set several lower highs and lows, indicating a clear bearish market structure. Last Thursday, the current low at $4.65 was reached, further strengthening the current market direction.

After a retracement on Friday, a strong lower high was established over the weekend. From there, the Tezos price continued to move lower yesterday, reaching the $5 mark. Overall, we expect this selloff to continue, likely leading XTZ/USD below the $4.65 current low.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect the selloff seen yesterday to continue later today. Therefore, XTZ/USD will likely break past the $5 local support and move towards the $4.65 mark next.

While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Tezos Classic, and Cardano vs Tezos.