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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 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.
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.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.