https://ift.tt/32T4QJn Price Analysis: XTZ retraces to $4.2, swiftly spikes higher

TL;DR Breakdown

• Tezos price analysis is bullish today.
• XTZ/USD found support at $4.20 yesterday.
• Spike higher was seen overnight.

Tezos price analysis is bullish today as we expect more upside to follow after support was established and retested at $4.20. From the support, XTZ/USD has already seen a strong push higher, leading the market to $4.65 next resistance.

The cryptocurrency market has traded in the red over the last 24 hours. The market leader, Bitcoin, has declined by 1.67 percent, while Ethereum by 1.9 percent. Tezos (XTZ) meanwhile has gained almost 4 percent and is among the best performers. 

Tezos price movement in the last 24 hours: Tezos tests next resistance at $4.65

XTZ/USD traded in a range of $4.20 – $4.72, indicating substantial volatility over the last 24 hours. Trading volume has increased by 31 percent, totaling $192 million, while the total market cap trades around $4 billion, ranking the coin in 44th place overall.

XTZ/USD 4-hour chart: XTZ pauses before more upside is seen?

On the 4-hour chart, we can see the Tezos price action spiking higher overnight, potentially indicating a beginning of a more substantial rally.

Tezos price has seen a strong selloff this week, with support found at $4.20. The decline followed a more than week-long rally earlier in December, leading to a strong swing high set at $5.2.

The market quickly reversed from there, declining by over 18 percent until support was found on Wednesday. Consolidation followed over the next 24 hours, forming a base from which to reverse.

After another brief retest of downside late yesterday, Tezos price quickly spiked higher overnight, reaching the $4.65 next resistance. Over the past hours, bulls have calmed down, likely as another test of upside gets prepared.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish today as we expect more upside to follow after a spike higher overnight. Currently, XTZ/USD has slightly retraced, however, more upside should follow shortly.

While waiting for Tezos to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.