- Tezos price analysis is bearish today.
- XTZ/USD spiked to $5.90 yesterday.
- Market currently consolidates around $5.50.
Tezos price analysis is bearish today as we expect a retracement to follow after a strong rally of around 40 percent Yesterday. Likely bulls are finally exhausted, leading XTZ/USD to retrace some of the previous gains later this week.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, lost 1.7 percent, while Ethereum gained 1.26 percent. Meanwhile, Tezos (XTZ) is among the top performers, with a gain of almost 30 percent.
Tezos price movement in the last 24 hours: Tezos spikes higher, rejects further upside at $5.90
XTZ/USD traded in a range of $4.16 – $5.85, indicating extreme volatility in the market over the last 24 hours. Trading volume has spiked by 895 percent, totaling $1.78 billion, while the total market cap trades around $4.72 billion, ranking the coin in 40th place overall.
XTZ/USD 4-hour chart: XTZ currently prepares to reverse?
On the 4-hour chart, we can see the Tezos price rejecting more upside over the last hours, as bulls are exhausted after a strong increase yesterday.
Tezos price has seen a continuous decline over the past weeks. After a strong rally at the end of November, the previous high was broken, setting a strong higher high. However, bullish momentum did not last long.
During the first days of December, strong bearish momentum returned for XTZ/USD, eventually leading to another strong lower low set. After a strong spike lower on Saturday, the further downside was rejected at $3.40, leading to consolidation around the $4 mark over the weekend.
From there, the Tezos price slowly started moving higher until an equally strong spike higher followed yesterday. XTZ/USD peaked at $5.90 as it almost reached the previous major swing high, indicating strong momentum. If Tezos can set a strong higher low during the upcoming retracement, we could see the overall bearish trend finally reverse later in December.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as we expect a retracement to follow after a sharp rally took the market towards the previous major swing high yesterday. Therefore, we expect that XTZ/USD will move lower and look to set a higher low as the next step in an attempt to reverse the overall bearish trend.