Tezos price analysis: Tezos retests support at $3.2, prepares to break $4 resistance?


TL;DR Breakdown

  • XTZ moved sideways yesterday.
  • Support at $3.2 still holds.
  • XTZ/USD prepares to push to $4.5.

Tezos price analysis is bullish for today as the market retested support at $3.2 and currently prepares to move above the $4 resistance. Therefore, the $4.5 mark should be reached over the next few days, indicating that bulls have regained control.

Tezos price analysis: Tezos retests support at $3.2, prepares to break $4 resistance?
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has remained flat, while the rest of the altcoin market has seen a decline of 1-3 percent. Solana (SOL) is among the worst performers with a loss of 6 percent.

Tezos price movement in the last 24 hours

XTZ/USD traded in a range of $3.19 – $3.41, indicating a moderate amount of volatility. Trading volume has decreased by 38.4 percent and totals $103 billion. The total market cap stands at 2.8 billion, ranking the cryptocurrency in 40th place overall.

XTZ/USD 4-hour chart – $3.2 support still holds

On the 4-hour chart, we can see that the Tezos price action retested the $3.2 support again and bulls prepare to move higher again.

Tezos price analysis: Tezos retests support at $3.2, prepares to break $4 resistance? 2

XTZ/USD 4-hour chart. Source: TradingView

The overall market momentum is still neutral after a new major swing low was established at the $2.5 mark.  Therefore, bears are likely exhausted and we can expect Tezos price to start trending higher over the upcoming weeks.

However, for now, Tezos trades sideways with the $3.2 mark acting as support and $4 mark as a resistance. Over the past days, Tezos set both a slightly higher high and lower low, indicating increasing volatility. Therefore, we can expect XTZ/USD to start trending again next week.

First, XTZ has to break the $4 resistance and push towards the $4.5 mark to establish a higher high. Once it is done, bulls will have a clear signal that the market direction has changed and we can expect Tezos to move higher over the next weeks.

After the $4.5 mark is reached, we should see a following retracement to the $4 mark. From there, XTZ/USD will start moving higher with the $5 mark as the next resistance.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish as XTZ retested the $3.2 once again overnight. Therefore, we can expect another push higher over the next 24 hours to the $4 resistance first and $4.5 resistance as the next price target.

While waiting for further Tezos price action development, read our guides on Bitcoin crash in 2021, peer-to-peer blockchain, and Bitcoin transactions.

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