TL;DR Breakdown
- XTZ moved sideways yesterday.
- Support at $3 holds.
- Next target at $4.5.
Tezos price analysis is bullish for today as the market could not move lower over the past days and moved sideways above the $3 support. Therefore, we can expect XTZ/USD to push higher later this week to break above the $4 resistance.
The overall market trades with a slight loss over the last 24 hours. Bitcoin has lost 3 percent, while Ethereum almost 4 percent. Rest fo the altcoin market trades with similar performance.
Tezos price movement in the last 24 hours
XTZ/USD traded in a range of $3.09 – $3.43, indicating a moderate amount of volatility. Trading volume has spiked by 108 percent, with the market capitalization at $2.8 billion, ranking the cryptocurrency in 43rd place overall.
XTZ/USD 4-hour chart – XTZ prepares to move higher?
On the 4-hour chart, we can see the Tezos price action retesting support around the $3 mark, meaning that another push higher is expected over the rest of the week.
The overall Tezos price still moves sideways over the past weeks. After retracing by more than 70 percent at the end of May. From there XTZ/USD started moving sideways and established a range with the $3 mark as support and $4 mark as a resistance.
Over the past week, Tezos price traded close to the $3 support, however, failed to move lower. Therefore, we can assume that bears are exhausted and we can expect XTZ/USD to move higher over the upcoming days.
The $4 mark still could hold Tezos from further upside, meaning that a clean break higher is needed before the market turns bullish again. Once the $4 mark breaks, we can expect XTZ/USD to move to $4.5 resistance. From there, bulls would likely take over control and push Tezos much higher over the following weeks.
A long position could be entered once the $4.5 mark is tested and the market retraces to establish a clear higher low. Until Tezos can form this price action structure, it is best to wait for further price action development as we could still see a lot more sideways movement.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish as the market retested the $3 support and failed to move lower. This indicates that the Tezos price is ready to move higher over the upcoming days to break above the $4 mark. From there, the next target is located around $4.5, and once reached, would indicate a strong bullish momentum forming again.
While waiting for Tezos to start moving higher, read our guides on staking Cardano, how to cash out Bitcoin, as well as how to buy Bitcoin stock.
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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Source: https://www.cryptopolitan.com/tezos-price-analysis-2021-06-17/
