Tezos price analysis: XTZ retests $4.46 after buyers get support at $4.33
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TL;DR Breakdown
- The Tezos price analysis is bullish today.
- Support for XTZ is present at the $4.23 level.
- Resistance is present at $4.53.
Tezos price analysis is bullish today as the coin started recovering from the bearish dip, which continued for two days, with the first day of the bearish strike being more detrimental as a steep decline in price value was observed on 28th December. The recovery is comparatively small as the recovery process is slow, but at least trends have been flipped today, which will provide quite some cushion to the price action.
XTZ/USD 1-day price chart: Price reverts back as bears exercise control
According to 1-day Tezos price analysis, the coin is trading on the greener side as XTZ is trading hands at $4.48 at the time of writing while reporting a 5.1 percent increase in value over the last 24 hours, but on the flip side, the XTZ also reports a decrease in price value up to 4.2 percent over the past week, which nulls out a major part of the gain, as the upwards forming trend line was quite impactfully disturbed by 28th December loss. The trading volume has also decreased by 3.7 percent, but the market cap boosted by 4.1 percent over the last day.
The volatility is mild for XTZ/USD as the Bollinger bands converged steeply on 27th and 28th December, with the upper limit of the Bollinger bands now present at the $4.96 mark representing resistance, and the lower limit is present at the $3.9 mark representing strongest support for XTZ. The average of the Bollinger bands at the $4.44 mark represents the immediate support level for XTZ.
The relative strength index (RSI) curve is turning slightly upwards today after coming down for the past two days as some support finally appeared for XTZ. Now the RSI is trading at index 47, indicating the buying activity in the market.
Tezos price analysis: Recent developments and further technical indications
The hourly Tezos price analysis shows that coin price value also suffered at the start of the trading session as a significant decrease in price was noted, but during the following hours, the price continues covering the upwards range from the last 10 hours. But as the price function seems under pressure, it may decline again in the coming hours.
The volatility is very high on the 4-hour chart as the Bollinger bands are expanding, and the divergence continues today as well, The price is trading between the lower limit and average line of the indicator, and now the mean average of the indicator at $4.60 represents the resistance for XTZ. The RSI continues to trade in the neutral zone, and the RSI is trading on a slight upwards slope at index 66, hinting at the buying activity.
Tezos price analysis conclusion
The Tezos price analysis suggests XTZ is bullish for today after going through a strong correction for the last two days. We expect further recovery from the bullish side, as a good bullish activity has been observed today, but some correction will also appear in between, but the overall progress is expected towards the upside.
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.
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