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.
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