XTZ/USD bearish for the next 24 hours

TL;DR Breakdown

• Tezos price analysis is bearish today.
• XTZ/USD retraced to $4.3.
• Tezos is presently trading at $4.1.

Tezos price analysis is bearish today as we saw the previous drop below $4 major support met with a reaction higher overnight. XTZ/USD now is likely ready for another test of downside as enough has been retraced.

Tezos price analysis suggests that XTZ/USD came back yesterday after closing above the $4.3 critical resistance point. The market tested this level several times before the price managed to break above and start trading higher. We were heading toward $5, but sellers didn’t let us get there quickly as they retook control of the market, pushing prices below the $4.3 support point, which was met with a bit of buying pressure, then another drop to where we are now at around $4 handle.

There is no clear direction for buyers or sellers in the near term, so be aware that volatility will remain high for this period until either one side gains an advantage over the other.

Tezos price analysis this morning is bearish. XTZ/USD is presently trading at $4.1. We have a break above a major descending channel by the hourly chart so far, but buyers didn’t push higher quickly enough to gain or even consolidate any further gains, for that matter, let alone higher prices. It looks like sellers are pushing prices down from here over a trading range below $5 handle where we can see initial support at around $3.7 area and then some more buying pressure around the important psychological level of $3.9, which served as a breakout point back on Jan 8th and where we currently find some minor support too.

If we see another break lower, we will most likely find buyers in the vicinity of $4 again, which is major support for XTZ/USD.

XTZ/USD is currently trading at $4.1 and has touched a previously important resistance barrier at around $4.3 that was set as an excellent level to take profits before the drop took place that lasted for several hours. It looks like sellers are stepping in again, trying to push prices lower for further downside potential, but buyers will step in around the $5 mark, most likely with minor support at $3.9.

XTZ/USD 4-hour chart: XTZ begins another push lower?

On the 4-hour chart, we can see bearish momentum returning for the Tezos price action, likely leading to another test of downside early next week.

The RSI dropped to an oversold region but managed to bounce higher, continuing the push. There is no obvious resistance at the moment, but buyers are most likely due for rests in lower time-frames until any major buying pressure begins pushing back toward the $4 handle again. A break below this level could lead to another drop below the $3.7 initial support point, which was tested as a recent resistance and rejected by buyers, causing a drop from thereon.

On the 4-hour chart, we can see that there was not much going on this morning after XTZ retraced a little bit during European trading hours. The price has since stabilized around minor resistances shown in the image above, with the most evident one in view located near the $4.1 handle.

Following a low, the Tezos price is expected to fall even further. The market may turn back if the primary several-week support around $3.8-$4 is broken next week.

Tezos Price Analysis: Conclusion 

The Tezos price is in a bearish trend today, as we anticipate that the current retracement will soon come to an end. XTZ/USD should return to test the $3,000 recent low early next week since another lower high was established.

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