today is a bullish day Tezos Price Analysis as the entire crypto market is currently rising upwards after yesterday’s massive drop.
However, the cryptocurrency heat map shows that the rally is not too big, even though the market is showing some signs of recovery. Bitcoin recovered only 0.61 percent, ethereum Today’s recovery rate is 3.33%.
Looking at Tezos’ one-day price analysis, we can see that it is slowly retracement, making new highs and lows until the 17th.th It has been declining since August. Since then, Tezos has traded mostly close, continuing its decline after a short rally.
After yesterday’s plunge, it is rising again. The RSI is very balanced at 44. However, the MACD analysis of the daily chart shows that the bearish momentum has not yet been fully abandoned. Does this mean Tezos will drop further? I have.
Tezos 24-Hour Price Movement: Tezos Is Slowly Coming Back After Yesterday’s Drop
Yesterday’s downfall wasn’t particularly pleasant. It lasted until earlier today when Tezos hit a daily low of $1.4097. But here the massive support kicked in and it started to fall back again.
Unfortunately, the MACD indicator shows that the slight positive momentum can run out quickly. In that case, the bears are likely to dominate again and Tezos will retest his $1.4097 support line.
Overall, Tezos is up 3.35% over the last 24 hours, while its market cap is up 3.62%. Trading volume also increased by 43.13% and is on an upward trend.
But how likely is it that Tezos will fall again? It’s likely as bearish sentiment in the market is still high. This modest increase was nothing more than an increase in the support line. However, support can easily be broken after a few retests.
4-Hour Tezos Price Analysis: The Bull Market May Not Last Long
The RSI for the 4-hour Tezos price analysis looks fairly balanced. However, the bulls may not hold out for long as resistance is poised to begin. Tezos turned slightly bullish after he touched the support line at $1.4097. However, the resistance will rise near $1.57.
For now, the RSI is around 43 and the MACD points to an imminent crossover, so the 4-hour chart shows a balanced situation.It looks like Tezos will try to test the resistance line soon But given the bearish sentiment in the market, it’s unlikely to break.
Tezos Price Analysis: Conclusion
Tezos price analysis is not particularly volatile, trading within a range over the past few days. But yesterday it took a nosedive, but quickly recovered. This is another sign that the bear market is not over yet and there is a lot of uncertainty in the market. This may be a good time to dollar-cost average your position on Tezos and hold it for the long term. However, short-term investments are not recommended.
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