Tezos Price Analysis: XTZ briefly spikes below $4 major support, another attempt to break lower today?

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Tezos price analysis is bearish today as we saw the previous drop below $4 major support met with a reaction higher overnight. XTZ/USD now is likely ready for another test of downside as enough has been retraced.

Tezos Price Analysis: XTZ briefly spikes below $4 major support, another attempt to break lower today? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a slight decline over the last 24 hours. The leaders, Bitcoin and Ethereum, are down by 0.49 and 2.66 percent, respectively. Meanwhile, Tezos (XTZ) trades almost flat after recovery overnight.

Tezos price movement in the last 24 hours: Tezos spikes below $4, retraces to $4.3

XTZ/USD traded in a range of $3.90 – $4.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.54 percent, totaling $193 million, while the total market cap trades around $3.7 billion, ranking the coin in 42nd place overall.

XTZ/USD 4-hour chart: XTZ begins another push lower?

On the 4-hour chart, we can see bearish momentum returning for the Tezos price action, likely leading to another test of downside early next week.

Tezos Price Analysis: XTZ briefly spikes below $4 major support, another attempt to break lower today?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price has seen a substantial decline this week after previously reaching a new higher high at $5.35. On the 5th of December, the initial move lower led to a loss of 18 percent, with more tests of downside later in the week.

Yesterday, the final drop lower took XTZ/USD to $3.9, where the previous major support area was seen. From there, Tezos quickly reacted higher, moving to $4.3 earlier today.

Since another lower high was set, the Tezos price is likely now ready to test further downside. However, the major several-week support around $3.8-$4 could reverse the market next week.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we expect the current retracement to end soon. Since another lower high was set, XTZ/USD should move to test the $3,000 current low again early next week.

Source: https://www.cryptopolitan.com

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