Tezos price analysis: Tezos is bearish for the next 24 hours

TL;DR Breakdown Tezos price analysis is bearish for the next 24 hours.Tezos saw a bounce from $6 support today.Further upside currently gets rejected. The market is resisting any more progress in the direction of $7.5, which was strong support earlier this week. As a result, we expect XTZ/USD to attempt to test the $7.0 support again soon. Tezos price movement in the last 24 hours: Tezos bounces from key support levels After a recent decline, XTZ/USD is now pushing higher. The pair was up over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has been pretty low this morning; as of writing, it stands at $157m. The daily chart’s Stochastic indicator is on the move up to indicate a return in bullish momentum. However, RSI hasn’t followed suit, which suggests that Tezos’ climb might have already ended. This means that a drop towards the $6.00 area could come pretty soon. The 7-day SMA has formed a bearish crossover with lower highs and higher lows, confirming the current trend reversal. XTZ/USD briefly touched on $7.50 before it took another tumble below $7.0 Tezos price analysis 4-hour chart: XTZ to go for another test of the $6 support? On the hourly chart, we can see that the Tezos price has failed to move significantly higher today, suggesting another bearish trend overnight. XTZ/USD 4-hour chart. Sou...