Tezos price analysis is bullish today.XTZ/USD retested $4 support yesterday.Sideways movement was seen overnight.
Tezos price analysis is bullish today as we expect the $4 support to hold, leading the market higher again. Likely XTZ/USD will retest the $4 mark for the last time soon, establishing an even stronger base from which to continue to the $4.8 next resistance.
Cryptocurrency heat map. Source: Coin360
The market has retraced over the last 24 hours. The leaders, Bitcoin and Ethereum, have declined by 2.95 and 6.33 percent, respectively. The rest of the top altcoins have seen an even stronger decline.
Tezos price movement in the last 24 hours: Tezos consolidates above $4
XTZ/USD traded in a range of $4.04 – $4.45, indicating strong volatility over the last 24 hours. Trading volume has increased by 31.5 percent, totaling $451 million. Meanwhile, the total market cap trades around $3.64 billion, ranking the coin in 40th place overall.
XTZ/USD 4-hour chart: XTZ looks to continue higher?
On the 4-hour chart, we can see the Tezos price retesting the $4 support again, likely leading to reversal.
XTZ/USD 4-hour chart. Source: TradingView
Tezos price has seen a steady advance over the past weeks. After a new major swing low was set at $2.55 at the end of January, the previous consolidation resistance at $3.1 was broken on the 30th of January.
After the resistance was retested as support, XTZ/USD began a strong move higher, leading to an almost 50 percent gain as it peaked at $4.6 on the 9th of February. Since then, another retracement to the $4 mark has established a strong consolidation area, indicating that the market will soon continue higher.
Therefore, unless the Tezos price breaks below the $4 support, we expect further upside to be tested early next week. Likely XTZ/USD will rally to the next major resistance at $4.8 next.
Tezos price analysis: Conclusion
Tezos price analysis is bullish as we expect the $4 current support to hold and reverse the market back to the upside. Therefore, XTZ/USD should see new higher highs set over the next days.