Tezos Price Analysis: XTZ reacts from $6 support, another retest overnight?

TL;DR Breakdown

• Tezos price analysis is bearish for the next 24 hours.
• Tezos saw a bounce from $6 support today.
• Further upside currently gets rejected.

Tezos price analysis is bearish for today as the market has bounced from the $6 support and currently rejects further upside around $6.5. Therefore, we expect XTZ/USD to go for another attempt to test the $6 support next.

The overall market traded in the green over the last 24 hours. Bitcoin has gained 1.85 percent, while Ethereum is up by only 0.36 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of 16 percent.

Tezos price movement in the last 24 hours: Tezos bounce from the $6 mark

XTZ/USD traded in a range of $5.93 – $6.71, indicating mild volatility over the last 24 hours. Trading volume has remained almost flat, as it has increased by only 0.71 percent and totals $708.7 billion. Meanwhile, the total market cap trades around $5,54 billion, ranking the coin in 31st place overall.

XTZ/USD 4-hour chart: XTZ to go for another test of the $6 support?

On the 4-hour chart, we can see the Tezos price failing to move significantly higher today, indicating another bearish move to come overnight. 

XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen bullish momentum return this month. After a drop to the $4 mark on the 7th of September, a new major swing higher low was set.

From there, XTZ/USD gained 100 percent to the $8 mark on the 14th of September. However, the market did not trade there for long as reversal over the following days followed.

This time, the Tezos price action saw a decline of 25 percent, with the $6 mark acting as a support yesterday. Today, XTZ/USD saw a slight move higher, with bearish momentum returning over the past hours.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish for today as bulls could not push the market higher than the $6.7 mark today. Therefore, we expect XTZ/USD to drop lower overnight and look to retest the $6 support again.

While waiting for Tezos to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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