Tezos price reverses the uptrend at $7.5, activating the bears for a downside

tezos price prediction
tezos price prediction

Tezos price prediction summary

  • Tezos price prediction shows bullishness.
  • XTZ/USD looks to retest $7.50 support again.
  • Buying pressure is increasing this morning.

Today’s Tezos price prediction is bullish, as a significant downside was firmly rejected yesterday, and buying pressure was met this morning with another test of the downside. As a result, we believe XTZ/USD will extend its rise over the next 24 hours.

The broad market ended the last day in the green. Bitcoin was one of the best performers, increasing 5.57 percent, while Ethereum lagged with a 0.96 percent gain. Shiba Inu (SHIB) is still the top cryptocurrency, up 32.5 percent over the past 24 hours.

Tezos price prediction in the last 24 hours: XTZ reverses before hitting the $7 mark

In the last 24 hours, TZC/USD moved in a range of $7.21-$8.55, which indicates significant volatility over that period. Trading volume has increased by 28%, and the market capitalization is now around $6.68 billion, putting it in 31st position overall.

XTZ/USD 4-hour chart: XTZ to reject above $7.5 again?

We can see on the 4-hour chart that the Tezos price hasn’t been able to reach $7 as a severe reaction advance was observed late yesterday.

Tezos price prediction
XTZ/USD chart. Source: TradingView

The price of Tezos has been gaining a lot of momentum thus far this month. After a few-day retreat at the end of September, a higher low was established near $5.50.

From the 1st of October, XTZ/USD made an incredible surge, reaching a new swing high slightly above $9. The previous resistance level at $7.50 now serves as a support, and the last one was broken on October 8th.

The $7.50 was briefly breached following a reversal back to the downside on Tuesday. However, several hours later, there was a strong reaction upwards, suggesting that bullish pressure has once again emerged around this previous resistance-support line.

Overall, Tezos’ price movement should see another test of the downside today, most likely resulting in consolidation above the previously mentioned $7.50 support level.

Tezos Price prediction conclusion 

The price of Tezos is on the rise today, as a surge higher above $7.5 resistance was seen yesterday. Another attempt to decline is presently underway, which will most likely result in another rejection at around $8.00.