Tezos witnessed a moderate downside correction after registering a new All-time High at $4.48 on August 13. However, the recent correction might remain intact for the short-term.
If we look at the price movement of XTZ/USD over the last 24 hours, the price has been moved from $4.15 to $3.5 in the said timeframe. Tezos price was being traded at $4.032 in the first hour, and it reached the highest point of the day at $4.15 within the next three hours.
However, after hitting $4.15, the currency couldn’t manage to stay at this price level for long and started correcting down. By 14:00 UTC yesterday, Tezos fell to $3.71. later, it reflected the flattish movement and hovered around $3.85.
Today, XTZ price touched $3.92 in the first hour, but later, it fell steeply and touched $3.509, the lowest point of the day. However, after registering this low, Tezos price escalated to $3.80 at the time of writing this analysis.
The MACD reflects a bearish crossover as the Signal line overpowers the MACD line. According to Tezos Price Prediction, the next few days may go bearish for Tezos, and it may face consolidation of around $3.84.