- 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.
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.