Tezos Price Analysis: XTZ rejects upside around $4.35, more retracement to follow?

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TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD rejects upside at $4.35.
  • Closest support located around $4.

Tezos price analysis is bearish today as the upside has been rejected this morning after moving to $4.35 overnight. Therefore, XTZ/USD likely needs to retrace even more before the upside is tested again.

Tezos Price Analysis: XTZ rejects upside around $4.35, more retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 2.61 and 3.5 percent. Meanwhile, Tezos (XTZ) has gained over 4 percent.

Tezos price movement in the last 24 hours: Tezos rallies to $4.35

XTZ/USD traded in a range of $4.11 – $4.35, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 33.6 percent, totaling $102.8 million, while the total market cap trades around $3.76 billion, ranking the coin in 44th place overall.

XTZ/USD 4-hour chart: XTZ prepares to decline again?

On the 4-hour chart, we can see rejection for upside again today after slow push higher overnight.

Tezos Price Analysis: XTZ rejects upside around $4.35, more retracement to follow?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen the end of the previous decline this week. After reaching $3,80 mark on the 10th of January, XTZ/USD reversed over the next 24 hours and finally broke higher.

Eventually, XTZ peaked at around $4.45 on Wednesday, setting a clear higher high. From there, the market retraced to $4.10, where a slight consolidation was formed yesterday.

Over the last 24 hours, Tezos price action moved higher again, potentially looking to break higher. However, selling pressure returned around $4.35 earlier today. Therefore, we expect XTZ/USD to retrace even more before further upside is tested.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish as the upside has been rejected again earlier today around $4.35. Therefore, XTZ/USD needs to test more upside before more recovery is seen next week.

While waiting for Tezos to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.