Tezos Price Analysis: XTZ breaks above $6 price barrier after a morning rally

TL;DR Breakdown

• Tezos price analysis is bearish today.
• XTZ/USD continued to decline over the past 24 hours.
• Closest support at the $6 previous resistance.

The price of XTZ/USD is bearish for today’s Tezos price analysis, as bears continue to gradually push the coin lower after reaching the $8 level on Tuesday. As a result, we anticipate another drop in the near term, with support at the $6 mark (where XTZ/USD encountered resistance late last month).

Over the last 24 hours, the cryptocurrency market was rather bearish. Bitcoin dropped 0.36%, while Ethereum lost 4.12 percent, marking a downtrend in the market. In contrast, Avalanche (AVAX) is the best performer, with a 24-hour improvement of more than 25%.

Tezos price movement in the last 24 hours: XTZ continued to retrace

The price of XTZ/USD fluctuated within a narrow range of $5.89 to $6.16 over the past 24 hours, showing significant volatility in that time frame. Trading volume dropped by 14.12% and is valued at $640 million as of writing this article. Meanwhile, the market capitalization stands at roughly $5.2 billion after falling by 9.24 percent.

XTZ/USD 4-hour chart: $6 resistance flipped into support? 

We can see the Tezos price continue to fall on the 4-hour chart today, as bears look to test the $6 support level as a support.

For the previous weeks, Tezos price action had been characterized by strong bullish momentum. After a brief spike to $4 on September 7th, XTZ/USD advanced rapidly 100 percent until resistance was reached at $8.

On Tuesday, the momentum changed and bears took charge. Tezos dropped more than 15% already and tested the $7 mark. The $6.5 mark currently protects XTZ from a bigger drop; however, it is expected to break overnight.

Overall, we anticipate the Tezos price to continue to fall as there are no indications of bulls returning yet. The $6 mark is our next support, having previously served as a significant resistance reversal point in late August

Tezos Price Analysis: Conclusion 

For today, the Tezos price analysis is bearish, and bears are continuing to push the market lower. We anticipate XTZ/USD to test $6 over the next 24 hours as long as the bearish momentum persists.

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.

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