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Tezos (XTZ) Sets Its Highest Ever Weekly Trading Volumes As Bulls Set Their Eyes On $5.00 USD

  • Tezos (XTZ) on the verge of setting the all-time high in weekly trading volume with over $50 million USD traded today.
  • Currently trading at $3.60 USD across major exchanges, XTZ bulls set targets at $4.000 USD in the near term.

It has been a rather successful period on staking token, Tezos, charts as the asset recorded yet another day of high trading volumes as the market enjoy an extended uptrend on the price. Starting out at $1.33 USD at the start of January, XTZ has witnessed impressive growth in six weeks, setting an all-time high (ATH) price of $3.67 USD on Wednesday.

While the price has been the key talking metric on Tezos, the weekly volume traded in the altcoin’s market is on hand to set its own ATH by the end of the week. Is this a cue to set new highs at $5.00 USD?

XTZ weekly trading volumes set to breach ATH

One significant indicator of a healthy market is the traded volumes and liquidity and XTZ has been nothing short of explicable in both categories since the start of the year. The digital asset has recorded a total of $500 million in total traded volumes during the week with two trading sessions still open before the week ends.

Image: TradingView

This sets the asset on its highest ever trading volume week since August 2019 signaling a bullish push towards key resistance levels at $3.70, $4.00 and possibly $5.00 USD in the coming days.

Highest daily volume ever

According to data collected on Messari, XTZ recorded its highest ever daily trading volume on Wednesday 12th with over $170 million worth of tokens exchanging hands during the day.

Top daily traded volumes on XTZ (Source: Messari)

Notwithstanding, six of the top seven days on the list of highest daily traded XTZ volume are all from the past week with the only exception being February 3rd (No.7), whereby over $53.2 million USD worth of XTZ were traded.

Bulls target $5.000 USD mark in the near term

Rising volumes in a bullish market strengthens the overall sentiments with bulls resetting their targets to $4.00 USD following a blast past $3.00 USD –turning resistance to key support. The tenth largest cryptocurrency is trading at $3.512 USD as at time of writing, a few cents away from setting a new all-time high.

Given the rise in trading volumes, a close above $4.00 will effectively set the market a blaze with bulls on a firm target of $5.00 USD in case it happens.

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Tezos Prediction For 2021: XTZ Holds Position With Both Bulls And Bears

  • Tezos might pull of a trick by switching to the Bull rally by the end of this year and continue strongly with the bulls in 2021.
  • The Bulls will be the highest in January 2021, holding the market value at $5.23, which is a significant rise of $2 from today’s market.
  • The unique design of Tezos Blockchain is optimized for e-governance and also giving the option to the holders to cast a vote to make the desired changes in its ecosystem.

The Digital Stable Coin falling under the top ten categories has been under hype with every crypto market observer, nicknamed ‘Ethereum Killer’, Tezos is all about building a multipurpose platform to support Decentralized Applications (DApps) and build Smart Contracts.

The unique design of Tezos Blockchain is optimized for e-governance and also giving the option to the holders to cast a vote to make the desired changes on its ecosystem and kill forking of its network.

Tezos started to take its birth in the year 2015 when its creators Kathleen and Arthur Breitman started its coding under the company name Dynamic ledger Solutions with the programming language OCaml and was finally launched in the year 2018 with many speculations and behind the scenes discussions.

The XTZ Blockchain works on the principle of delegated proof of stake (DPoS) which supports Turing based smart contracts. The Initial Coin offering (ICO) of Tezos made a record of raising $232 Million within two weeks accepting funding from both Bitcoin and Ether.

Route Map for Tezos

Tezos stable coin is currently reigning the top ten spot with the rank at #10. However, the future of Tezos is varied as the trading charts show both Bulls and bears holding at support and restrictions.

It is currently trading at the market value of $3.67 with bears holding the average trade at -1.06%, and the XTZ market capitalization is at $2,572,484,601 with the 24-hour trading volume $248,613,247.

XTZ has a total supply and circulating supply standing at 701,440,033 XTZ, although its maximum supply is unknown as of now. The return on investment (ROI) character is on the green side with positive returns of 680.30%.

Tezos might pull of a trick by switching to the Bull rally by the end of this year and continue strongly with the bulls in 2021. The least price it Tezos could reach or support upon in the upcoming year will be at $3.35, which is a little lower to today’s market value.

The next support is observed at $3.38 and $3.42. The Bulls will be the highest in January 2021, holding the market value at $5.23, which is a significant rise of $2 from today’s market.

Tezos will continue to stay at the $5 mark till the near end of 2021 and predicts a fallback to $4 mark in the last months of 2021. The average trade is predicted at a range of $3.9 to $4.18 for the same year.

January 2021 will hold the biggest change or rise in the market value with the surge rate of 13.52% from today’s market value. Since this stable coin’s behavior is dependent on the route Bitcoin takes, Tezos will act accordingly.

As the market watchers have predicted the Bitcoin route prior to the halving this year and post halving, the changes for Tezos will occur simultaneously and lay the foundation for the road it will take in 2021.

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Tezos and Chainlink continues rally but HBAR takes a back seat

Taking the attention away from major assets such as Bitcoin and Ethereum, some of the mid-cap assets have performed exceptionally well in the current bullish rally.

The commotion around an altcoin season has been gaining traction over the past few weeks and some of these lesser-known assets are currently living up to the hype.

XTZ/USD on Trading View

Tezos has been one of the top performers over the past month after the token made its way into the top-ten rankings.  The asset has managed to register a 43.72 percent hike in the last five days, stretching its valuation from $2.73 to $3.93. According to CoinMarketCap, the 24-hour change has seen a positive uptick of 4.63 percent and its market cap was approximately $2.6 billion.

Tezos’ blockchain has been facilitating the development of new security tokens(STO) and tokenization of projects lately, which according to Mati Greenspan, is one of the reasons for its performance in the market.

LINK/USD on Trading View

Keeping up with Tezos’ pace in the rankings at 11th, Chainlink’s LINK token has managed to outperform the likes of Cardano, Stellar and Monero over the past week. LINK witnessed a surge close to 20 percent taking its valuation from $3.75 to $4.35 at press time.

Evaluating its growth from the start of 2020, it can be observed the LINK has risen by 150 percent, which has been attributed to the growing number of partnerships for Chainlink in the current year.

HBAR/USD on Trading View

However, Hedera Hashgraph‘s HBAR token has not been able to keep up with its bullish surge from 11th-12th February. Since the 13th, the token has depreciated severely, accounting for a 43.79 percent drop which saw the price slump from $0.08 to $0.046.

Many speculated the initial rally took place after the announcement of Google being added to its governing council. The token seems to have exhausted its bullish rally at present time, after registering a 9.33 percent dip in the past 24-hours. The market cap for HBAR remained just over $150 million.

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Tezos Trades In Opposite Direction To Overall Market -Where To Next?

  • Tezos saw a small 3% price increase over the past 24 hours as it bucked the overall market decline seen within every other coin.
  • Tezos has now seen a 137% price increase over the past 30-days, making it the strongest performing top 20 cryptocurrencies.

Whilst the rest of the market takes a drop, Tezos has managed to remain in the positive digits after clocking a 3% price increase over the past 24 hours of trading. The cryptocurrency is currently trading at a price of around $3.64 and even managed to climb as high as $3.94 over the past 24-hours.

Tezos is ranked in the 10th position amongst the top cryptocurrency rankings as it holds a total market cap value of $2.56 billion.

Tezos Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

cg-xtzusd-feb20
XTZ/USD – DAILY – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see the epic rampage that Tezos has witnessed over the past few weeks. The cryptocurrency started the year beneath $1.40 but went on to climb as high as $3.94 in yesterday’s trading session.

The cryptocurrency found resistance during mid-Feb at around $3.55 as it dropped and found support at $3.00. It has now climbed above this resistance as it reached $3.94 before dropping to the $3.64 level.

The bulls remain solidly in control over the market momentum and we should expect to see some further rises from Tezos.

Short term prediction: BULLISH

The cryptocurrency remains bullish, especially after creating a 2020 high just yesterday. It would need to drop beneath $2.60 for this bullish trend to be in danger of becoming invalidated.

Looking ahead, if the bulls manage to close today above $3.60 we can expect higher resistance at $3.80 and $3.94 (1.272 Fib Extension). This is followed by additional resistance at $4.00.

If the bulls can break $4.00, resistance is then expected at $4.16 (1.414 Fib Extension), $4.25, and $4.47 (1.618 Fib Extension).

On the other hand, if the sellers push beneath $3.60, support lies at $3.55 and $3.50. Beneath this, additional support is located at $3.31, $3.20, $3.00, and $2.92.

Key Levels

Support: $3.60, $3.55, $3.50, $3.31, $3.20, $3.00, $2.92.

Resistance: $3.80, $3.94, $4.00, $4.16, $4.25, $4.47, $4.66.

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