TL;DR Failure

  • Tezos price analysis is bullish today.
  • XTZ/USD is below the $4 resistance level.
  • The closest support level is at $3.80.

Tezos price analysis is bullish today as we have seen a steady rise over the last 24 hours leading to the $4 mark. XTZ/USD may continue to move higher as there are no strong signs of rejection for further gains.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has been trading in the green for the past 24 hours. Market leaders Bitcoin and Ether are up 9.17 and 6.23, respectively. Meanwhile, other top cryptocurrencies are seeing similar results.

Tezos price action in the last 24 hours: Tezos reached a new high of $4

XTZ/USD traded in a range of $3.78 to $4.04, indicating moderate volatility in the last 24 hours. Trading volume fell by 26.71% to a total of $216.26 million. At the same time, the total market capitalization was about $3.51 billion, ranking 39th overall.

XTZ/USD 4-hour chart: XTZ looking for a small pullback?

On the 4-hour chart, we can see that after a small rally over the last 24 hours, the current $4 handle is pulling Tezos prices from further upside, which could lead to a small pullback later on.

XTZ/USD 4-hour chart. Source: TradingView

Tezos' price action has continued to rise over the past week, hitting slightly higher highs and lows. After breaking above the previous major high of $3.6 in early February, XTZ/USD began to show signs of resistance.

A new high below $4 on Thursday caused some consolidation to form and could indicate a reversal. However, after a brief retracement and another higher low, XTZ/USD continues to move higher, slightly above the $4 mark.

For now, we see Tezos price failing to reach more upside. Therefore, we expect another brief pullback before testing more upside. Overall, the momentum remains very bullish.

Tezos Price Analysis: Conclusion

Tezos price analysis is bullish today as we expect that more upside is likely in the last 24 hours. However, there is a strong possibility of a small retracement in the next few hours as the $4 handle is currently offering strong resistance.

While waiting for Tezos to develop further, see our articles on Coinbase vs. Coinbase Pro, hardware vs. software wallets, and the best cryptocurrency trading platforms in the US.

Disclaimers. The information provided is not trading advice. Cryptopolitan.com assumes no responsibility for any investments made based on the information provided on this page. We strongly recommend conducting independent research and/or consulting with qualified professionals before making any investment decisions.