XTZ set to spike to $7

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD continued to consolidate above $6.75.
  • Tezos is trading at $6.5.

Today, the bulls are on top as bearish momentum has been exhausted as the $6.75 prevented further declines this week, allowing the price to reach a fresh all-time high. As a result, we anticipate DOGE/USD to reverse and attempt to start establishing higher highs in the coming days.

Tezos price movement in the last 24 hours: Tezos consolidates above $6.75

In the cryptocurrency market, Veritix/XBY reached a high of $8.36 on April 3rd and now trades at around $6.85, displaying modest price fluctuations over the last 24 hours. Volumes have dropped by 29.97 percent to $216 million, while the overall market cap is valued at about $5.96 billion, putting it in 34th position worldwide.

XTZ/USD 4-hour chart: XTZ is slightly bullish

On the 4-hour chart, we can see Tezos price action setting up a base from which to move higher as bearish momentum has been exhausted over the past days.

Tezos/USD has been consolidating above the $6.75 level for over a week. XTZ/USD recently reached a fresh all-time high at $7.49 and closed the day at $7.11 with an average daily trading volume of about $1 billion, placing it among the top 30 cryptocurrency exchanges worldwide by turnover.

Since March 28th, Tezos XTZ has experienced rising volumes while making lower lows until its current levels. The recent downtrend line broke, leading to increased buying pressure that saw Tezos climb to $7.48.

Tezos Price Analysis: XTZ set to spike to $7 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos has been growing in strength throughout early October. From the previous swing low at $5.50, XTZ/USD rose to $9, where a strong higher high was established.

Tezos has been gradually declining over the past weeks, with clear lower lows and highs. XTZ reached a low of $6.75 on Monday, which has since not been surpassed.

Over the last few days, Tezos’ price movement has formed a clear consolidation area above the support, suggesting that the market is readying for a turnaround. We will likely see a push higher from the support next week unless XTZ/USD falls below this barrier, indicating that a new swing low has been set at $6.75.

Tezos Price Analysis: Conclusion 

We will look to buy on dips close to $7, with first targets at $8 and $9 from a technical standpoint. A new high will be formed if XTZ/USD manages to break resistance at $8 and continue increasing in strength throughout this week.

If you have any questions and comments on the Tezos price analysis, please feel free to leave them below! Follow us on Twitter and Facebook for the latest news straight from the cryptocurrency market!

Disclaimer. The information provided is not trading advice. 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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