Tether’s leaks and the price drop they generated have created a favorable backdrop for Tezos prices to rise further. As a result, we believe XTZ/USD will continue to climb and perhaps reach $7.50 soon.
Tezos price movement in the last 24 hours: Tezos bounces from $6.75 support, heading to $7.50 next
The Bollinger bands are narrowing, and the price seems to be consolidating at the moment.
Tezos price analysis is bullish today. XTZ/USD found support above $6.8 and is now heading towards a resistance level of $7.3. Critical Resistance: The closest resistance is around $7.30. Tether’s leaks and the price drop they generated have created a favorable backdrop for Tezos prices to rise
XTZ/USD 4-hour chart: XTZ to continue higher?
Over the past 24 hours, Tezos’ price has gradually increased, as bulls strive to break the $7.50 resistance next.
The 4-hour chart reveals that XTZ/USD is still heading higher even after finding support at $6.8. The price managed to break above the 100 and 200 periods moving average, giving us two more reasons to remain bullish about Tezos prices soon.
If Tezos prices continue to gain momentum, we can expect some more gains in the near future as $7.50 will act as resistance moving forward. On the downside, the most fundamental level of support is at $7. That’s because the price already found resistance there in the past, and it may happen again soon.
XTZ/USD 4-hour chart. Source: TradingView
The XTZ/USD pair has broken out of the falling wedge formation visible on the 4-hour charts, which is a bullish sign.
It implies that Tezos could continue surging upwards and reach $7.50 or potentially higher levels soon.
Tezos’ price has been plummeting for more than a week. A new large swing high was established after a highly successful start to the month when XTZ/USD rose more than 65% from $5.50 to $9 resistance.
However, following consolidation beneath the $9 mark, a reversal emerged, gradually pushing Tezos down. XTZ/USD has so far recovered approximately 25% of its losses to the $6.75 level after making many lower lows and highs.
Tezos’ price has risen gradually over the previous days as bulls search for a way to break through $7.50 as a barrier. As a result, more gains are forecasted. However, later this week, we may witness another push down from the resistance.
Tezos Price Analysis: Conclusion
The XTZ/USD pair is in an upswing at this writing, and the price analysis is bullish as further upside was seen overnight. As a result, we expect XTZ/USD to rise even more and reach $7.50 next.