- Tezos price analysis is bearish today.
- XTZ/USD set lower low at $4.70 yesterday.
- Retracement above $5 seen today.
Tezos price analysis is bearish today as we expect another lower high to be set above $5 before another push lower. Therefore, we expect XTZ/USD not to see a lot further upside today as selling pressure will likely return soon.
The cryptocurrency market traded in the red over the last 24 hours, with the market leader, Bitcoin, down by 3.15 percent, while Ethereum lost 0.51 percent. Meanwhile, Avalanche (AVAX) is among the best performers, with a gain of 6 percent.
Tezos price movement in the last 24 hours: Tezos retraces above $5 after further downside yesterday
XTZ/USD traded in a range of $4.67 – $5.09, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 37.75 percent and totals $231 million, while the total market cap trades around $4.38 billion, ranking the coin in 42nd place overall.
XTZ/USD 4-hour chart: XTZ looks to set another lower high before a further selloff
On the 4-hour chart, we can see retracement over the past hours as bulls look to set another lower high.
Tezos price action has seen a continuation of selloff this week along with the overall several-week trend. After a strong spike lower last week to $5.40, consolidation below $6 resistance followed until this Monday, when another drop lower was seen.
XTZ/USD declined to $5 at first, with another drop following late yesterday to $4.7. Therefore, another strong lower low has been set, indicating that bears are still controlling the market.
Over the past hours, Tezos price tested upside, returning above $5. However, considering the overall bearish market structure, we expect the current upsurge not to last long. We will likely see XTZ/USD continue lower over the next 24 hours, with the next support at $4.50.
Tezos Price Analysis: Conclusion
Tezos price analysis is bearish today as we expect another lower high to be set later today as the overall momentum is still bearish. Therefore, XTZ/USD should reverse over the next 24 hours and look to test further downside.
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