- Tezos price analysis is bearish today.
- XTZ/USD saw a quick spike to $8 resistance overnight.
- Bearish momentum is likely to continue today.
Tezos price analysis is bearish today as a rejection for further upside was seen at the $8 mark overnight. Therefore, we expect XTZ/USD will continue lower over the next 24 hours as another lower high is set.
The overall market traded mostly in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.73 and 0.13 percent, respectively. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 12.5 percent.
Tezos price movement in the last 24 hours: Tezos rejects from $8 resistance
XTZ/USD traded in a range of $7.35 – $8.07, indicating substantial volatility over the last 24 hours. Trading volume has increased by 18.59 percent and totals $628.16 billion, while the total market cap trades around $6.6 billion, ranking the coin in 32nd place overall.
XTZ/USD 4-hour chart: XTZ ready for further downside?
On the 4-hour chart, we can see Tezos price moving back towards previous lows, likely resulting in another lower low set later today.
Tezos price has seen strong bullish momentum return over the first days of October. From the previous low of $5.50 set at the end of September, XTZ/USD gained around 65 percent to the current swing high of $9.
However, further upside was heavily rejected on the 4th of October, sending Tezos into a retracement. Previous resistance turned support at $7.50 did slow down the decline after a quick spike below it.
From there, Tezos price has seen a spike higher on the 6th of October, resulting in another retracement and retest of the previous low. Likely we will see a similar scenario play out after the current spike higher, indicating that XTZ/USD will move lower today again.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish for today as upside was rejected overnight, sending XTZ/USD back towards the $7.2 current low. Therefore, we expect XTZ to continue lower and potentially set further lower lows.
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