Tezos Price Analysis: XTZ/USD bulls overtaking bearish market as they eye the $10 mark

TL;DR Breakdown

• Tezos price analysis is bullish for today.
• XTZ/USD spiked to $7.6
• XTZ saw retracement to $6.6

Tezos price analysis is bullish for today as both a higher high and low was set over the last 24 hours. Therefore, as long as the $6.50 support holds, we expect XTZ/USD to increase and move towards further highs.

The cryptocurrency market traded in the red over the last 24 hours as bears took over the market momentum overnight. The market leader, Bitcoin, has declined by 0.96 percent, while Ethereum remains flat. Solana (SOL) is among the best performers, with a gain of 6.42 percent.

Tezos price movement in the last 24 hours: Tezos retraces to $480

XTZ/USD traded in a range of $6.6 – $7.6, indicating mild volatility over the last 24 hours. Trading volume has increased by 156.12 percent and totals $2.095 billion, while the total market cap stands at $6.64 billion, ranking the coin in 30th place overall.

XTZ/USD 4-hour chart: XTZ prepares for another rally?

On the 4-hour Tezos price analysis chart, XTZ/USD  looks to close bullish in preparation for further upside over the next 24 hours.

Tezos price prediction is bullish today as a slightly higher low was set over the last 24 hours. Overall, XTZ/USD has gained more than 100 percent over the past month after a new swing low was set around $3.50 on the 20th of July.

Since the previous major swing high got broken earlier this month, the overall market structure has turned bullish again, and we can expect a lot more upside past the current high of $7.9 set yesterday.

However, after a strong rally early yesterday, the bulls were exhausted, failing to see much further upside above the $8 mark. Over the past few days, Tezos’s price has established strong support, from which we should see a rally higher over the next 24 hours.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish for today as a slightly higher low was set overnight after a brief spike higher. Since bulls have regained control today, we expect XTZ/USD to continue moving higher and try to reach the next target at $9.

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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