Tezos Price Analysis: XTZ/USD is bearish for the next 24 hours

TL;DR Breakdown

Tezos price analysis is bearish today.XTZ/USD hiked to $8 last night.Sellers control the XTZ/USD market.

Tezos is trading at $9.20, according to CoinMarketCap, up 9% since yesterday’s close. The price of Tezos stayed above $9 today, as a downward break from yesterday’s high was avoided. As a result, we expect that XTZ/USD will continue to fall over the next 24 hours, establishing another low below $9 in the process. This support at around $8 is likely to hold, but if not, we can expect a further fall to $7.50.

The coin has indeed seen a 9% increase in price since yesterday’s close. But it closed below its 20-day moving average for the first time since August 21 around 8.5 hours ago after an initial pop to $8.25 resistance before slipping below its 20-day moving average of $8.10, according to CoinMarketCap data.

For the current week, we can expect XTZ/USD to maintain a bearish momentum and establish a low below $8. At press time, XTZ/USD is trading at $8.06 on Bitfinex, with the price of Tezos trading slightly above its 20-day moving average since yesterday’s close.

Critical support for XTZ/USD is seen at $7.50, while the price of Tezos can be expected to test resistance at $9 in the coming days.

There is immediate support at $8, which was breached to the downside earlier this morning for the first time since August 21. Strong bearish momentum will subside below $8 support but could be expected to test resistance at $7.50 over the next 24 hours.

XTZ/USD 4-hour chart: XTZ ready for further downside? 

On the 4-hour chart, we can see Tezos price moving back towards previous lows, likely resulting in another lower low set later today.

XTZ/USD 4-hour chart. Source: TradingView

We believe that an extended bearish momentum will continue for XTZ/USD today and tomorrow as well. However, we can expect to see strong support at $7.50, which should stop the price from breaching that level and breaching the next support level around $6.90 in the process.

Tezos’ XTZ token has been trading in a range between $9 and $8 for five days now after reaching an intraday high of $9.47 on September 13, which itself was a rise from the low of $8.62 seen on September 11.

Despite a substantial price drop over the last 24 hours to an intraday low of $7.96, this looked like a shallow move that got XTZ/USD back above its 20-day moving average of $8.10 and, in the process, close to its recent high at $9.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish for today as upside was rejected overnight, sending XTZ/USD back towards the $7.2 current low. Therefore, we expect XTZ to continue lower and potentially set further lower lows.

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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