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Tezos Price Analysis: XTZ reacts from $6 support, another retest overnight?

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Tezos price analysis is bearish for today as the market has bounced from the $6 support and currently rejects further upside around $6.5. Therefore, we expect XTZ/USD to go for another attempt to test the $6 support next.

Tezos Price Analysis: XTZ reacts from $6 support, another retest overnight? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin has gained 1.85 percent, while Ethereum is up by only 0.36 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of 16 percent.

Tezos price movement in the last 24 hours: Tezos bounce from the $6 mark

XTZ/USD traded in a range of $5.93 – $6.71, indicating mild volatility over the last 24 hours. Trading volume has remained almost flat, as it has increased by only 0.71 percent and totals $708.7 billion. Meanwhile, the total market cap trades around $5,54 billion, ranking the coin in 31st place overall.

XTZ/USD 4-hour chart: XTZ to go for another test of the $6 support?

On the 4-hour chart, we can see the Tezos price failing to move significantly higher today, indicating another bearish move to come overnight. 

Tezos Price Analysis: XTZ reacts from $6 support, another retest overnight?

XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen bullish momentum return this month. After a drop to the $4 mark on the 7th of September, a new major swing higher low was set.

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From there, XTZ/USD gained 100 percent to the $8 mark on the 14th of September. However, the market did not trade there for long as reversal over the following days followed.

This time, the Tezos price action saw a decline of 25 percent, with the $6 mark acting as a support yesterday. Today, XTZ/USD saw a slight move higher, with bearish momentum returning over the past hours.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish for today as bulls could not push the market higher than the $6.7 mark today. Therefore, we expect XTZ/USD to drop lower overnight and look to retest the $6 support again.

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While waiting for Tezos to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Tezos Price Analysis: XTZ to break above the intraday highs of $5.1

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  • Tezos price analysis is bearish today.
  • XTZ/USD is trading at $54.9.
  • Next support at $4.65.

The price of Tezos is under pressure today as we anticipate a further decline following the current consolidation. As a result, XTZ/USD should next aim to test the previous low at $4.65.

We are currently testing the support zone between $5, which was retested after breaching it, and $4.65, where the lower boundary of the symmetrical triangle is located. The price action consolidated around this area today while opening trades were neutral during European trading hours before slightly moving up to test the resistance at $5.49. However, it closed below this level without being able to close above it, after which the price fell back down to retest support at $5. There, XTZ/USD managed to breach resistance while taking out another important support at $4.90 to close the day at $4.63, where it currently trades around, approximately 10% down compared with two days ago

Technical analysis indicates that XTZ/USD is about to challenge the Fibonacci level at around $4.50, which offers strong support as far back as April this year. According to historical data, the 100-day moving average closely follows this price zone, marking an important resistance area for Tezos before entering any bullish mode.

XTZ/USD 4-hour chart: XTZ targets $4.65 next?

We can see consolidation continuing today on the 4-hour chart, likely as bears prepare to push the Tezos price even lower along with the overall bearish trend.

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tezos price analysis
XTZ/USD 4-hour chart. Source: TradingView

After a several-week fall from its all-time high of $9.14 set on the 4th of October, Tezos price action has hit a new low in recent days. The market is still dominated by bearish momentum, with no indications of recovery yet apparent, suggesting that we will see further downside later this week.

On Saturday, XTZ/USD hit a clear lower high at $5.6, with a later reversal. Tezos began to plummet rapidly overnight Monday until it reached the $5 mark, where minor support was discovered last week.

After that, the Tezos price trend has remained above the support. We will most likely see XTZ/USD break below $5 later this week, continuing with the broader multi-week bearish trend.

Tezos Price Analysis: Conclusion 

Technical indicators are hinting towards further declines over the coming sessions, but they may need some time before being confirmed, so patience is needed in order not to waste any opportunity on better entry prices later on since we anticipate a more substantial correction near term after having tested some important levels.

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Tezos Price Analysis: XTZ consolidates around $5, not yet ready to move higher?

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  • Tezos price analysis is bearish today.
  • XTZ/USD still consolidates around $5.
  • Next support at $4.65.

Tezos price analysis is bearish today as we expect further drop to follow after the current consolidation is resolved. Therefore, XTZ/USD should move to test the previous low at $4.65 next.

Tezos Price Analysis: XTZ consolidates around $5,  not yet ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours, with Bitcoin down by 3.41 percent. Meanwhile, Ethereum has lost 2.14 percent, while Loopring (LRC) is the top performer, with over an 18 percent gain.

Tezos price movement in the last 24 hours: Tezos continued to consolidate around $5 support

XTZ/USD traded in a range of $4.91- $5.19, indicating low volatility over the last 24 hours. Trading volume has declined by 5.49 percent, totaling $174.1 million, while the total market cap trades around $4.34 billion, ranking the coin in 43rd place overall.

XTZ/USD 4-hour chart: XTZ targets $4.65 next?

On the 4-hour chart, we can see consolidation continuing today, likely as bears prepare to push the Tezos price even lower along the overall bearish trend.

Tezos Price Analysis: XTZ consolidates around $5,  not yet ready to move higher?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has reached a new low over the past week after a several-week decline from the $9.14 all-time high set on the 4th of October. Bearish momentum still dominates the market with no clear signs of recovery seen, indicating we can expect more downside later this week.

Over the weekend, XTZ/USD saw a clear lower high set at $5.6 previous support, with reversal a couple of hours later. Overnight to Monday, Tezos started to rapidly decline until the $5 mark, where minor support was previously seen last week.

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Since then, the Tezos price action has consolidated above the support. Likely we will see XTZ/USD break below the $5 later this week to continue along with the overall, several-week bearish trend.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we saw bears take a pause over the last 24 hours after a sharp drop lower on Sunday. Therefore, we expect XTZ/USD to continue lower once the current consolidation is resolved.

While waiting for Tezos to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Tezos-based DeFi Ecosystem Smartlink Launches Second Generation of Vortex with Yield Farms: Details

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Now the enthusiasts of Tezos (XTZ) blockchain can “yield farm” Sushiswap-style

Tezos-centric multi-product ecosystem Smartlink, which includes a peer-to-peer marketplace, launchpad and decentralized escrow, shares a crucial update for its Vortex decentralized cryptocurrency exchange (DEX).

Smartlink launches “yield farming” on Vortex DEX

In its recent official announcement, Smartlink ecosystem stated that the latest release of its DEX Vortex (Vortex v1.2) supports “yield farming” functionality.

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Namely, the yield farming functions will be activated for the following Tezos-based assets (that belong to both FA1.2 and FA2.0 standards), including SMAK, USDtz, hDAO, ETHtez, tzBTC, Crunch, Plenty, QUIPU, kUSD and Ctez.

Vortex yield farm’s codebase is audited by top-notch Tezos (XTZ) development studio, LIGO Lang. Besides products for Tezos’ ecosystem, LIGO Lang devs contributed to programming languages utilized in Tezos’ dApps.

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As such, the holders of various Tezos-based assets will earn yields on their dormant cryptocurrencies after locking them into Vortex liquidity pools.

Advancing UX of Tezos-based DeFi

Besides “yield farming” opportunities, Smartlink introduced a number of improvements for performance, user experience and operations of its architecture.

The new iteration of Vortex boasts an advanced analytical toolkit, including daily gainers and losers, daily TVL, top pools, staking statistics and fee distribution.

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An easy-to-use ROI calculator will help crypto holders to choose between the most active and profitable pools. As such, Vortex will guarantee the unmatched yield farming experience for traders with various levels of expertise in crypto.

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