The bearish pressure on Tezos is still strong today, and we anticipate another fall once the current consolidation ends. XTZ/USD remains in very negative momentum, implying that the present lower low will not be enough for sellers to stop trading.

XTZ/USD is currently a little over a percent lower but saw a fall of 5%. The most noticeable points on the chart are that we have seen a break of the lower highs and lows that started forming after 23rd July. This implies more bearish momentum in XTZ/USD, which is worrying news for traders holding long positions in the market with this recent drop to $1.10 below.  A current support level has formed around $1.15, which will need testing if it’s going to continue any further today.  This would be expected in an ideal scenario due to consolidation or just natural market movement in between markets.

The support level where it bounced off to form another bounce. Today, we also saw an engulfing candle on the XTZ/USD chart below, showing sellers dominating action and buyers trying to fight back. This is expected as consolidation has been tight this morning. We need further bearish momentum before we start seeing sellers take a break or buyers regain control with Tezos price analysis.  Don’t forget; some traders will hold long positions in XTZ, looking at dips to buy more.

XTZ/USD 4-hour chart: XTZ looks to break even lower?

On the 4-hour chart, we can see bearish pressure gradually building up for Tezos price action in recent hours, suggesting that it will be tested once again later today.

Tezos Price Analysis: XTZ/USD to spike to $5.5 next 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos has continued to drop this week in tandem with the broader monthly bearish trend. XTZ/USD reversed lower after establishing a solid base at $5.60 last week, where it retested $5.60 and pushed higher.

Tezos dropped below $5.00 this week, finally breaking the previous low at $4.65 on Friday. Consolidation occurred above $4.65 yesterday, with bearish momentum resuming overnight.

The price of Tezos fell to a low of $4.40 per token during the day, then rose and recouped some lost ground. Since then, no significant move higher has occurred, indicating that the bears are in command and that we may witness further declines later today.

Tezos Price Analysis: Conclusion 

The Tezos price plunge is still bearish, with more downside expected over the rest of the day after another lower low was established at $4.40. After there was no immediate reaction to XTZ/USD, it indicated that bears were in command.

Source: https://www.cryptopolitan.com

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