Tezos Price Analysis: XTZ/USD is bearish for the next 24 hours

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TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD set lower low at $4.70 yesterday.
  • Retracement above $5 seen today.

The price of Tezos is bearish today, as we anticipate another lower high to be established above $5 before another drop. As a result, we believe that XTZ/USD will not see much further appreciation today because selling pressure will certainly return soon.

Yesterday, Tezos price prediction was bearish on the daily chart. XTZ/USD set a low at $4.70 before making some bullish movement above $5 today. The pair has not quite broken past the resistance zone near the 21-day SMA, and this indicates that sellers could still be in control as the price may not rise further anytime soon.

If XTZ/USD retreats from its current trading range as we anticipate, it will undoubtedly find support near the lower Bollinger Band at around $4.80. If it breaks below this level, Tezos buyers may find a lot of support near the lower 50-day SMA at approximately $4.40.

The price of Tezos was bearish yesterday because XTZ/USD had set a lower low at $4.70 before making bullish movement above $5 today. The pair has not quite broken past the resistance zone near the 21-day SMA, and this indicates that sellers could still be in control as the price may not rise further anytime soon.

On the upside, if XTZ/USD is sustained above $5.40 or at least above the 21-day SMA, it could test the next resistance zone near the upper Bollinger Band at around $5.50.

On the downside, if the price breaks lower from the current trading range, it will find support at the lower Bollinger Band at around $5.00 or at least below the 21-day SMA.

XTZ/USD 4-hour chart: XTZ looks to set another lower high before a further selloff

On the 4-hour chart, we can see a retracement of the previous hours as bulls attempt to establish another low.

Tezos Price Analysis: XTZ returns above $5 before another drop?XTZ/USD 4-hour chart. Source: TradingView

The Tether scare, coupled with a weak start for the week, has resulted in selling throughout this week. After a substantial drop on Monday to $5.4, consolidation below $6 resistance ensued until this Monday, when another decline was observed.

On Tuesday, the price of NEXTSEXTZ/USD fell to $5 at first before declining further late yesterday to $4.7. As a result, another significant lower low has been set, indicating that bears control the market.

If XTZ/USD retreats from its current trading range as we anticipate, it will certainly find support near the lower Bollinger Band at around $4.80. If it breaks below this level, Tezos buyers may find a lot of support near the lower 50-day SMA at around $4.40.

The Relative Strength Index period 14 is level 44, indicating that price is in the sideways trend zone.

Tezos Price Analysis: Conclusion 

The price of Tezos is bearish today, as we anticipate another lower high to be established above $5 before another drop. As a result, we believe that XTZ/USD will not see much further appreciation today because selling pressure will certainly return soon.

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.