Tezos Price Analysis: XTZ looks to set a higher low at $4.2 before continuing higher?
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TL;DR Breakdown
- Tezos price analysis is bullish today.
- XTZ/USD consolidates above $4.20.
- Next target at $4.50 resistance.
Tezos price analysis is bullish today as we expect the current consolidation to end with another push higher. Therefore, XTZ/USD will likely test the $4.5 resistance early next week and look to regain even more of the loss seen at the beginning of January.
Mixed results have been seen over the last 24 hours. The leader, Bitcoin, has lost 0.03 percent, while Ethereum gained 0.3 percent. Tezos (XTZ) moved lower, losing around 0.4 percent.
Tezos price movement in the last 24 hours: Tezos consolidates around $4.3
XTZ/USD traded in a range of $4.21 – $4.32, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.8 percent, totaling $88.8 million, while the total market cap trades around $3.78 billion, ranking the coin in 44th place overall.
XTZ/USD 4-hour chart: XTZ prepares to rally higher again?
On the 4-hour chart, we can see the Tezos price action establishing another higher low, likely leading the market higher over the next 24 hours.
Tezos price action has started to recover this week as a strong push higher wa seen on the 12th of January. XTZ/USD broke above the previous high at $4,30 and peaked below $4.5 major resistance.
Since then, Tezos has retraced to $4.10, where a clear higher high was set, further indicating the upcoming trend reversal. Over the past days, not much more upside was seen as XTZ moved into consolidation around $4.3.
However, as long as the previous low is not broken, we expect more upside to follow. Therefore, Tezos price prediction is still bullish, and we expect the $4.50 resistance to be broken next week.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today as we expect another push higher to follow after the current consolidation. Likely XTZ/USD will move to the $4.50 resistance next, which, if broken, would be a very bullish sign for the overall market.
While waiting for Tezos to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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