Tezos Price Analysis: XTZ sets lower low at $4,40, more downside to follow?

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TL;DR Breakdown

  • Tezos price analysis is bearish.
  • XTZ/USD saw further lower low set.
  • Slight consolidation is currently formed.

Tezos price analysis is bearish today as we expect further drop to follow once the current consolidation ends. XTZ/USD still trades in very bearish momentum, likely meaning that the current lower low is not enough for sellers to pause.

Tezos Price Analysis: XTZ sets lower low at $4,40, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The market has seen bearish momentum return over the last 24 hours. Bitcoin has lost 1.56 percent, while Ethereum 1.67 percent. The rest of the top altcoins have seen an even worse performance, with Tezos (XTZ) not being the exception.

Tezos price movement in the last 24 hours: Tezos consolidates above $4.65, drops to $4.40

XTZ/USD traded in a range of $4.44 – $4.77, indicating moderate volatility over the last 24 hours. Trading volume has declined by 15.79 percent, totaling $108.4 million, while the total market cap trades around $2.89 billion, ranking the coin in 46th place overall.

XTZ/USD 4-hour chart: XTZ looks to break even lower?

On the 4-hour chart, we can see bearish pressure slowly returning for the Tezos price action over the past hours, likely leading to further downside tested later today.

Tezos Price Analysis: XTZ sets lower low at $4,40, more downside to follow?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has continued to decline this week along with the overall monthly bearish trend. After setting a strong lower low at $4.65 last week, XTZ/USD retraced to $5.60, where another lower high was established.

From there, Tezos moved lower this week, eventually breaching the $4.65 previous low on Friday. Consolidation followed above $4.65 yesterday, with bearish momentum returning overnight.

Tezos price set further lower low at $4.40 with another quick spike lower. Since then, not much reaction higher was made, indicating that bears are still in control, and we could see further downside tested later today.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect more downside to be tested over the rest of the day after another lower low was set at $4.40. XTZ/USD did not see a strong recovery after, indicating that bears are still in control.

While waiting for Tezos to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.