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Tezos price analysis: Tezos retests support at $3.2, prepares to break $4 resistance?

TL;DR Breakdown

  • XTZ moved sideways yesterday.
  • Support at $3.2 still holds.
  • XTZ/USD prepares to push to $4.5.

Tezos price analysis is bullish for today as the market retested support at $3.2 and currently prepares to move above the $4 resistance. Therefore, the $4.5 mark should be reached over the next few days, indicating that bulls have regained control.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has remained flat, while the rest of the altcoin market has seen a decline of 1-3 percent. Solana (SOL) is among the worst performers with a loss of 6 percent.

Tezos price movement in the last 24 hours

XTZ/USD traded in a range of $3.19 – $3.41, indicating a moderate amount of volatility. Trading volume has decreased by 38.4 percent and totals $103 billion. The total market cap stands at 2.8 billion, ranking the cryptocurrency in 40th place overall.

XTZ/USD 4-hour chart – $3.2 support still holds

On the 4-hour chart, we can see that the Tezos price action retested the $3.2 support again and bulls prepare to move higher again.

XTZ/USD 4-hour chart. Source: TradingView

The overall market momentum is still neutral after a new major swing low was established at the $2.5 mark.  Therefore, bears are likely exhausted and we can expect Tezos price to start trending higher over the upcoming weeks.

However, for now, Tezos trades sideways with the $3.2 mark acting as support and $4 mark as a resistance. Over the past days, Tezos set both a slightly higher high and lower low, indicating increasing volatility. Therefore, we can expect XTZ/USD to start trending again next week.

First, XTZ has to break the $4 resistance and push towards the $4.5 mark to establish a higher high. Once it is done, bulls will have a clear signal that the market direction has changed and we can expect Tezos to move higher over the next weeks.

After the $4.5 mark is reached, we should see a following retracement to the $4 mark. From there, XTZ/USD will start moving higher with the $5 mark as the next resistance.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish as XTZ retested the $3.2 once again overnight. Therefore, we can expect another push higher over the next 24 hours to the $4 resistance first and $4.5 resistance as the next price target.

While waiting for further Tezos price action development, read our guides on Bitcoin crash in 2021, peer-to-peer blockchain, and Bitcoin transactions.

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.

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