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- Tezos price analysis is bearish today.
- XTZ/USD retraced back to $4 support.
- Next support at $3.80.
Tezos price analysis is bearish today as we expect further drop to follow below the $4 support. Likely, bears have gathered enough momentum to finally break past the support after it reversed the market several times last week.
Overall, the cryptocurrency market has seen bearish momentum over the last 24 hours return. The market leaders, Bitcoin and Ethereum, trade in the red, with a loss of 2.39 and 3.14, respectively. Meanwhile, Tezos (XTZ) has lost over 4 percent.
Tezos price movement in the last 24 hours: Tezos retraces back to $4 support
XTZ/USD traded in a range of $3.98 – $4.24, indicating a moderate market volatility. Trading volume has increased by 4.63 percent, totaling $145.9 million, while the total market cap trades around $3.5 billion, ranking the coin in 41st place overall.
XTZ/USD 4-hour chart: XTZ looks to break lower?
On the 4-hour chart, we can see the $4 support currently tested, likely meaning that we will see the Tezos price action breaking lower later today.
Tezos price has consolidated sideways for the past week. After strong volatility at the beginning of the month, XTZ/USD saw both a strong lower low set above $3.4 and a higher high below $6.2.
Since then, the market has retraced to the $4 mark, where consolidation was formed. Local resistance was established around $4.85, with several retests since both ways.
However, considering the lack of bullish momentum over the weekend, the support could finally be broken. In this scenario, the next support for Tezos price action can be seen relatively close – at the $3.80 mark.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as we expect further downside to follow. Previously the $4 support reversed XTZ/USD several times, however, lack of buying pressure will likely lead to more downside.
While waiting for Tezos to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.