TL;DR Breakdown
Tezos price analysis is bearish today.
XTZ/USD is currently at $6.2.
Next support at $6.
The bearishness of the Tezos price prediction is evident today, as the prior support level of $6.70 is presently being challenged as a resistance, implying that there may be more decline today. As a result, unless XTZ/USD breaches above the resistance in the next 24 hours, we anticipate additional depreciation to $6 support levels.
As far as the technicals are concerned, XTZ/USD is down 1.8% but remains relatively stable compared to BTC and other altcoins. This may indicate that there’s still support for Tezos at $6 levels which could be retested if XTZ/USD turns south again today.
Further, the Stochastic RSI of XTZ/USD seems to be approaching bearish territory, so there’s no surprise if the price tests $6 support levels.
On a positive note, XTZ/USD is up 2% in terms of USD over the past 24 hours and has resolved the immediate sell pressure subjecting it to $5.
Tezos price movement in the last 24 hours: Tezos retests $6.7 previous support as resistance
Today’s technical analysis of the XTZ/USD shows that price is struggling to climb above the $6.70 resistance level, which was previous support that has now turned into a resistance. Generally speaking, there has not been any significant momentum since yesterday, as the market seems to be indecisive about what will happen next.
However, the most significant trading volumes are registered at $6.20 levels, similar to yesterday’s trading volume of $6.30. As a result, our prior analysis about the possibility of XTZ/USD conducting an orderly movement is still valid since it seems that XTZ/USD market participants are not willing to deviate from the $6.20 levels until new data emerges.
XTZ/USD 4-hour chart: XTZ to see further downside today?
The Tezos price is currently close to $6.70, signaling that more losses are on the way.
XTZ/USD 4-hour chart. Source: TradingView
Tezos’ price reached a high of around $9 during the first week of October. From a low of $5.50, XTZ/USD increased by more than 60% until the market peaked at approximately $9 on the 4th of October.
Since then, the market’s decline has been characterized by a slow retracement, which is indicated by the formation of lower lows and highs. On October 12th, the previous swing low was set at $6.70, suggesting that the reversal is ending.
The technical indicators favor the bears, as the price is below them, which further implies that XTZ/USD will likely depreciate deeper in the following days. The most notable one is RSI 14-day since its value of 33 indicates that XTZ/USD has oversold conditions.
XTZ/USD may run into resistance at $6.70, which was also a significant support level that it has successfully defended five times in total. This time around, XTZ/USD will not test or maintain this level, especially if the market’s bearish momentum persists.
Tezos Price Analysis: Conclusion
Tezos is presently trading at a bearish price, as the previous support level of $6.70 has been broken. Later today, we anticipate XTZ/USD to continue falling, with the $6 mark as a potential support line.
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