Tezos Price Prediction: We expect XTZ/USD to hike to $8.5

Tezos Price Prediction
Tezos Price Prediction

TL;DR Breakdown

  • Tezos Price Prediction is bearish for the next 24 hours.
  • Tezos is currently trading at $6.9.
  • XTZ/USD trading volume stands at $1.2 billion.

The Tezos price chart was picked off as the bulls dominated the market. The coin formed a rising wedge pattern. 

This week, XTZ has added 25 percent to its value. On the 5-day price Prediction chart, the green bars seem to be more than the red ones. This is a good indication that the XTZ/USD market is trading in bullish momentum.

Tezos price movement in the last 24 hours: Tezos bounce from the $6 mark

XTZ/USD pair was up by over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has surged by more than 40%, XTZ trading volume stands at $1.2 billion. On today’s Tezos price Prediction, the support from yesterday is still present at the $6 mark. Although future upside seems unlikely for now, this support level should be expected to hold in subsequent trading sessions as well.

Tezos is now trading inside a rising wedge showing the buy and sell momentum equally. The market is yet to establish a clear direction, and it is expected that short-term volatility will remain high. To end the current bullish uptrend, XTZ/USD will need to break down support at $6. This level was one of the most critical support zones for Tezos, and it now needs to hold onto its $6 handle. Investors should be ready to buy at cheaper levels as the XTZ/USD market is expected to enter a period of consolidation.

XTZ/USD 4-hour chart: XTZ to go for another test of the $6 support?

The Tezos price prediction on the four-hour chart is mixed. The coin has been able to hold onto its $6 support for five days in a row. This indicates that XTZ will go for another test of this support level in upcoming trading sessions as well, and it is expected that long-term volatility will remain high enough.

XTZUSD 2021 09 27 11 20 10
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos has risen over the last month, with a bullish trend returning. A new substantial swing high-low was established after a drop to $4 on September 7th.

Tezos’ value has risen substantially this month, with buying excitement returning. A new broad high-low range was established on September 7th after declining to $4 the previous day. The price found support at $5.70 and began rising, reaching a weekly high of $6.38 on September 12th.

On Monday, the Tezos price plummeted 25%, with $6 providing support the day before. Today’s modest upward swing for XTZ/USD was accompanied by bearish momentum as far back as yesterday.

Tezos Price Prediction: Conclusion 

For today, the Tezos price Prediction is bearish. However, Tezos is currently trading in bullish momentum. XTZ/USD has also maintained its significant support at $6, which will likely continue soon. The next resistance level for XTZ/USD is at $7.5, which can be expected if bulls add more buying pressure.

Read our Litecoin and Ripple  price prediction