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Tezos is bearish for the next 24 hours


TL;DR Breakdown

  • Tezos price analysis is bearish for the next 24 hours.
  • Tezos saw a bounce from $6 support today.
  • Further upside currently gets rejected.

The market is resisting any more progress in the direction of $7.5, which was strong support earlier this week. As a result, we expect XTZ/USD to attempt to test the $7.0 support again soon.

Tezos price movement in the last 24 hours: Tezos bounces from key support levels

After a recent decline, XTZ/USD is now pushing higher. The pair was up over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has been pretty low this morning; as of writing, it stands at $157m.

The daily chart’s Stochastic indicator is on the move up to indicate a return in bullish momentum. However, RSI hasn’t followed suit, which suggests that Tezos’ climb might have already ended. This means that a drop towards the $6.00 area could come pretty soon.

The 7-day SMA has formed a bearish crossover with lower highs and higher lows, confirming the current trend reversal. XTZ/USD briefly touched on $7.50 before it took another tumble below $7.0

Tezos price analysis 4-hour chart: XTZ to go for another test of the $6 support?

On the hourly chart, we can see that the Tezos price has failed to move significantly higher today, suggesting another bearish trend overnight.

Tezos price analysis: Tezos is bearish for the next 24 hours 1XTZ/USD 4-hour chart. Source: TradingView

This month, the price of Tezos has risen significantly, with buying momentum returning. On September 7th, a new broad high-low range was established after declining to $4 on the previous day. The price found support at $5.70 and started moving higher, reaching a weekly high of $6.38 on September 12th. The price then fell back to near its opening levels at $6.50; we can see that it tested this level as resistance and has now moved lower again to the nearby support area between $7and $7.20.

Today, Tezo’s price had fallen to a low of $6.80 before it started moving higher again after testing the crucial support area between $7 and $7.20 – where buyers are waiting to jump in with their orders. XTZ/USD will likely attempt another bounce soon unless there will be further decline below $6.

On September 14th, XTZ/USD was up 100% to $8. However, the market did not continue to rise for long; instead, it reversed in the following days.

On Monday, the Tezos price fell 25%, with $6 serving as support the day before. The XTZ/USD pair has been in an upswing lately, with bearish momentum returning over the last several hours.

Tezos Price Analysis: Conclusion 

For today, the Tezos price forecast is bearish. A further decline towards the $6.00 support level is possible; if XTZ/USD drops below this mark, it will probably continue to go lower. A bounce from the $6.00 region would be a buying opportunity in our view, but history tells us that resistance at the upper boundary of the daily range could cause delays (marked by a circle on the chart).

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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