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- Tezos price analysis is bullish today.
- XTZ/USD found support at $3.40.
- Strong rejection higher was seen since.
Tezos price analysis is bullish today as we expect further recovery to follow later in the day. Since XTZ/USD saw strong rejection for downside at the $3.40 mark, we expect recovery to follow over the weekend.
The cryptocurrency market has seen a strong decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 15.49 and 12.36 percent, respectively. Meanwhile, Tezos (XTZ) has seen an even bigger loss of over 21 percent.
Tezos price movement in the last 24 hours: Tezos rejects higher after a spike to $3.40
XTZ/USD traded in a range of $3.57 – $5.36, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 139 percent, totaling $434 million. Meanwhile, the total market cap trades around $3.53 billion, ranking the coin in 43rd place overall.
XTZ/USD 4-hour chart: XTZ starts to recover the previous loss
On the 4-hour chart, we can see the Tezos price action quickly pushing higher over the past hours, likely leading to a reversal over the next days.
Tezos price has seen a steady decline over the past weeks. By the end of November, a new major swing low was reached at $4.27, meaning a more than 50 percent retracement from the previous all-time high.
Strong bullish momentum took over the market on Monday, leading to a recovery to the $6 mark and a strong higher high set. However, bulls could not sustain momentum for long, leading to a steady decline over the middle of the week.
After a brief upside test yesterday, XTZ/USD started to rapidly move lower in the afternoon. The previous low was clearly broken overnight, leading to a new strong lower swing low set at $3.40. However, since then, we have seen a strong reaction higher, leading us to believe we will see retracement over the next days.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as we expect recovery to follow after a quick spike to the $3.40 mark. Since XTZ/USD saw a strong reaction higher over the past hours, we expect bears to be exhausted.
While waiting for Tezos to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.