By Franklin Smith
- Tezos price shows bullishness today.
- XTZ/USD secured support level at $3.40.
- However, the alt suffered rejection at higher levels.
This analysis presents a positive stance on Tezos throughout today as the alternative coin has chances to rise during the incoming sessions. XTZ/USD seems ready to record an upswing after the alt broker a massive resistance zone at $3.30. That has had analysts predicting recovery for Tezos over this week.
The crypto space has displayed mixed results within the past 24 hours. However, most tokens have regained their losses following the latest market crash. As the altcoin market struggles to rise, market leaders, BTC and ETH, surged by 0.26% and 0.43%, respectively.
Tezos Encounters Rejection at $3.99 High
Today’s session had XTZ/USD prices fluctuating inside the $3.6 – $3.99 range amid lower volatility over the last 24hrs (data from Binance Exchange). Meanwhile, trading volume has surged 139% towards $434 million. For now, Tezos ranks 43rd (Coinmarketcap), with its market cap hovering near the $3.53 billion mark. Meanwhile, XTZ has gained a $0.11 value today. While writing this article, XTZ trades at $3.39, with a 1.15% surge within the previous day.
XTZ/USD 4Hrs Chart – Tezos Recovering Previous Loss
The four-hour chart indicates that XTZ accelerated over the recent hours. That shows that the altcoin may have the potential to reverse its downbeat mood in the coming days. Keep in mind that Tezos has maintained a downward trajectory over the past few weeks. On 30 November, XTZ touched another massive swing low at $4.27, translating to an over 50% correction from the alt’s previous high.
On Monday, the market saw a massive bullish rally, and XTZ returned to levels at $6. That followed a sturdy higher high establishment. Meanwhile, bulls could not keep this strength for long, and the altcoin plummeted gradually over the week.
Tezos plunged massively again today after a slight upward test overnight. That had it shattering the previous low, resulting in a new massive swing low at $3.40. Nevertheless, a strong higher reaction followed. Thus we expect XTZ to surge in the coming days.
Final Thought
Tezos maintains a bullish picture today. For now, market players expect a recovery as the alt registered a sharp surge past $3.40. As XTZ/USD displayed a significantly higher reaction in the last few hours, bears may weaken, translating to higher prices.