- Tezos price analysis is bullish today.
- XTZ/USD found support above $6.75.
- The closest resistance is around $7.50.
Tezos price analysis is bullish today as more upside was slowly gained overnight. Therefore, we expect XTZ/USD to continue higher and test the $7.50 mark next.
The crypto market traded with bullish momentum over the last 24 hours. Bitcoin gained 4.69 percent, while Ethereum 5.29 percent. Meanwhile, Polkadot (DOT) is the top performer, with a gain of 19 percent.
Tezos price movement in the last 24 hours: Tezos bounces from $6.75 support, heading to $7.50 next
XTZ/USD traded in a range of $6.94 – $7.36, indicating low volatility over the last 24 hours. Trading volume has declined by 41.62 percent and totals $339 million, while the total market cap trades around $6.22 billion, ranking the coin in 32nd place overall.
XTZ/USD 4-hour chart: XTZ to continue higher?
On the 4-hour chart, we can see Tezos price action slowly moving higher over the past 24 hours as bulls look to test the $7.50 resistance next.
Tezos price action has seen a more than week-long retracement. After a very bullish start of the month, during which XTZ/USD gained around 65 percent from the $5.50 support to the $9 resistance, a new major swing high was set.
However, after some consolidation below the $9 mark, a reversal followed, slowly sending Tezos lower. So far, XTZ/USD has retraced around 25 percent to the $6.75 mark after a series of lower lows and highs.
Over the past days, Tezos price has slowly moved higher as bulls look to retest the $7.50 mark as resistance. Therefore, more upside is expected. However, from the resistance, we could see another push lower later this week.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as further upside was seen overnight with no signs for a slowdown. Therefore, we expect XTZ/USD to continue higher and reach the $7.50 mark next.
While waiting for Tezos to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.