Briefly –
- Tezos price shows bearishness dominating in the coming 24 hours.
- Tezos bounced from the support at $6 today.
- For now, XTZ faces rejections to the upside.
Tezos encounters rejections as it attempts to rally towards $7.5, the level that served as support early on the week. With its current attitude, expect XTZ to test the support at $7.0 once more.
XTZ Bounces from Support in the Past 24 Hours
XTZ/USD tries to push higher following its recent plummets. The pair gained more than 5% at some moment today. That was after it tested the resistance level at $6.19, moving towards $6.48 before plummeting again to the top boundary of the daily range. The asset’s trading volume remained lower today morning, standing at $157 million while writing this.
However, the stochastic indicator gradually moves up, signifying bullish momentum revival. However, RSI did not suggest that, demonstrating that XTZ’s uptrend might be over. That increased the possibility of the coin dropping to $6 soon.
The seven-day Simple Moving Average recorded a bearish cross with higher lows and lower highs. That indicated trend reversals. XTZ rose to $7.5 before another plunge under $7. The asset might maintain this trend in the coming 24 hours.
Four-Hour Chart
The hourly price chart shows that Tezos failed to record substantial gains today, confirming another bearish move overnight. However, Tezos showed a significant price rise this month as it revived its buying strength. On 7 September, the alt formed a new high-low range after plummeting to $4. The coin secured support near $5.7 and resumed uptrends towards the weekly peak of $6.38 on 12 September.
Today, XTZ saw its value dipping under $6.8 before climbing towards the support zone ranging from $7 to $7.2. Buyers might join with orders in this area. With that, XTZ/USD might bounce if it prevents further losses beneath $6.
Conclusion
For today, XTZ indicates bearish moves in the coming sessions. The asset might plunge towards support levels of $6. If it breaches this level, it will extend its lower movements. Bouncing from $6 can be a buying opportunity. However, history indicates that the top border of its daily range might cause delays.
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