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Tezos Rockets After Achieving Major Transaction Milestone

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XTZ, the native cryptocurrency on the Tezos blockchain is currently one of the few top cryptocurrencies that are in the green while the rest of the market struggles to recover from the bearish downturn that occurred earlier this week.

XTZ is currently trading at $6 after rallying by 30.38% in the last 24 hours and it is up by 13.66% in the last 7 days. This is a refreshing turn of events since it is one of the cryptocurrencies that is overshadowed by the bigger players in the crypto market. However, a look at its performance in the last few months reveals that it has so far achieved a significant recovery.Tezos XTZ USDT

Source: Binance

XTZ bottomed out at $2.09 in July during the last bear run but it has since then recovered and even managed to set a new high at $6.53 earlier today. However, it is still trading significantly lower than its all-time high of $8.42 which it achieved in May at the peak of the previous bull run. Its current rally reflects an increase in buying volume and it will likely maintain the current trajectory for a while longer given that it is currently just recovering from the oversold zone after the recent price dip according to the RSI.

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Why is XTZ bullish today?

XTZ seems to be finding favor with the cryptocurrency market and this comes just hours after it was announced that the Tezos blockchain closed a major transaction milestone of 400,000 transactions in the last 24 hours. The transactions are slightly over 35% of the transactions taking place on the Ethereum blockchain, suggesting that Tezos has experienced a substantial increase in demand for its network.

Higher network demand has positive implications on the price of XTZ which has multiple use cases on the proof of stake network such as banking, governance, and paying for transactions. The rapidly growing transactions on the network reflect the robust network adoption that it has enjoyed in the last few months thanks to the onboarding of decentralized projects. Consequently, the transaction announcement made the retail market realize that XTZ has not been receiving as much attention as it should and thus the healthy uptick in its price while most of the top cryptocurrencies struggle to overcome the downward pressure.

Favorable network adoption is one of the factors that attract retail traders to a cryptocurrency especially as it also has solid tokenomics. Tezos currently has a market cap of $5.16 billion which is still significantly lower than the industry leader Ethereum. XTZ has a circulating supply of 858 million coins and a total supply of 888.5 million coins.

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Tezos is focusing on high-quality projects

Tezos has a favorable outlook thanks to quality projects rolling out on its network. For example, it has an upcoming DeFi lending protocol called TezFin which is similar to AAVE. The blockchain was recently selected to provide smart contract support for major European banks, thus allowing to leverage strong demand from the banking industry.

Tezos is also tapping into the NFT market which is currently one of the fastest-growing segments. One of its projects called oneOf has a plan to take the music industry by storm and it will also incorporate NFT technology.  It looks like Tezos is rapidly growing and this will contribute to more value for the XTZ token in the future.

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Tezos price analysis: XTZ gets support above $5. Will it persist?

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  • The Tezos price analysis report shows a lack of momentum.
  • Support is still set at the $5.2 level.
  • Resistance is present at $5.88.

XTZ is receiving mixed market sentiment today. However, bulls have made a return on the price chart as a rise in price has been detected as per The Tezos price analysis. The situation has been favorable for the buyers as the price has been covering an upwards range today. The price function was in bulls’ control today after going through a decline for the past few days. The upward movement in price has resulted in it reaching near $5.18 in the last 24-hours. However, unfavorable circumstances have arisen again.

XTZ/USD 1-day price chart: Price floats above $5

The 1-day price chart for The Tezos price analysis shows chances are increasing for the buyers to secure their permanent lead as the price has increased today. In the past few days, a considerable level of depreciation in the coin’s value has been reported as the price has decreased notably. The losses have been considerable, but now a chance for recovery has arisen. The price has maintained its level above the moving average (MA) level, which is present at $5.07 for now.

Tezos price analysis: XTZ gets support above $5. Will it persist? 1

The price underwent a noticeable decline during the past few weeks, but today, the bulls have taken the initiative again. The Relative Strength Index (RSI) shows a slight upwards curve after being on a downslope for a few days. The RSI curve, however, still shows a lack of momentum, as the buying activity is slow. The Bollinger band indicator on the 1-day chart shows the following values; the upper limit is at the $5.84 mark, whereas the lower limit is at the$4.5 mark.

Tezos price analysis: Recent developments and further technical indications

The uptrend seen on the 1-day price chart has undergone reversal as a downturn in price has been observed during the last 12 hours. The bears have made a comeback again in the past few hours and have been degrading the coin value continuously. The cryptocurrency has been devalued back to $5.1 after the trends underwent a major shift recently.

Tezos price analysis: XTZ gets support above $5. Will it persist? 2
XTZ/USD 4-hours price chart. Source: TradingView

Now the bullish trend has been overturned. The volatility is still high as now the upper Bollinger band is at $5.62, and the lower Bollinger band is at $4.9. The RSI score is going down again as the RSI curve is slightly downwards now, and the indicator is present at index 50 as a result of the sudden downfall in price.

The general trend that has been observed during the past few days has been on the bearish side, as can be further confirmed from the technical indicators chart. There are two indicators occupying the buying position, 10 indicators are on the neutral position, and 14 indicators are on the selling position, out of a total of 26 technical indicators.

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Tezos price analysis conclusion

The Tezos price analysis suggests the price is trading in the lower price envelope, and the bearish momentum has been gaining strength since the past few days, which has affected the coin’s value adversely. The recovery reported today is nominal, and the 4-hour chart shows unfavorable results. A drop in price happened in the last 12 hours, which means that the coming hours might prove more unfavorable for the cryptocurrency.

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Tezos’s [XTZ] sharp bullish reversal may help resume rally

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Tezos [XTZ] registered an impressive run-up of over 20% in the last 24-hours, as it surged to $5.51. The price bounced off significant support, and the chart now demonstrates limited downside risks. Even as the market does not look very hot here, the altcoin has managed to find strength during these conditions.

With a market cap of $4.8 billion, Tezos ended a strong sell-off period that has been taking shape since October. XTZ investors can now restart its uptrend. A similar sentiment was echoed by Bitcoin bull Tim Draper in a new interview on Bloomberg Markets. Draper said that Tezos has the things that he wants to see in a cryptocurrency project. The billionaire venture capitalist stated,

“What I look for is who are the entrepreneurs and who are the engineers behind a given token. I love some of the tokens. I love Tezos because it’s got a great engineering team, and they’ve redefined how to operate a token. They do it as proof of stake. They use less energy, and they have a new form of governance and that’s exciting.”

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Tezos [XTZ] bulls make a comeback

Tezos's [XTZ] sharp bullish reversal may help resume rally

After successfully bouncing off a major barrier of $4.6, XTZ’s price broke from a two-month-long falling wedge pattern. The bearish crossover by the 50 DMA [Pink] and the 100 DMA [Blue] had a mild impact as the asset underwent a mild correction in the wee hours of Tuesday. 

However, the spike in trading volume and volatility may cushion the latest uptrend. The 200 DMA [Yellow] hovering below the candlesticks was also found to be providing strong support from a damaging turn of events.

Fresh Rally Hints Are In Sight

Tezos's [XTZ] sharp bullish reversal may help resume rally

The Klinger Oscillator [KO] underwent a bullish crossover and has been on the rise ever since. The green closing bars of the Awesome Oscillator [AO] also indicated the much-needed switch to bullish momentum in the coin market. The sellers, however, still, dominated the Relative Strength Index [RSI]. The spike, on the other hand, does signal a weakening selling pressure and a further surge over the 50-median line will confirm the formation of a bottom.  

According to the above chart, XTZ is currently fluctuating within the confines of the $5.33 to $5.95 demand zone. A decisive close above $6.09 will validate the beginning of an uptrend. If the asset manages to flip his major hurdle, an ascent is likely to catapult XTZ to $6.52 which will bring other resistance levels of $7.60 and $8.75 into play.

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Tezos price analysis: XTZ corrects after hitting a weekly high at $5.6

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The Tezos price analysis is bearish today.
Support is still set at the $5.2 level.
Resistance is present at $5.88.

The Tezos price analysis is bearish for today as the coin underwent correction after marking a weekly high yesterday. The XTZ/USD spiked yesterday, making a high jump towards $5.6 from $4.6. But XTZ got rejected from further upside and started correcting today as the selling pressure again built up. The XTZ is on a downwards trend from 4th October after hitting a record high at $8.6, and the downtrend still continues as the coin hasn’t been able to gather strength to reverse the trend.

XTZ/USD 1-day price chart: Price reverts back as bears exercise control

The 1-day Tezos price analysis shows a decrease in price as bears took over the price function again. XTZ/USD traded in a range of $5.9 to $5.2 today; the crypto pair is trading hands at $5.38 at the time of writing. Due to yesterday’s price surge, the coin still reports a 14.9 percent increase in value over the last 24 hours and also reports a 4.6 percent increase in value over the last week. The trading volume shows a remarkable increase of 581.9 percent as well.

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Tezos price analysis: XTZ corrects after hitting a weekly high at $5.6 1
XTZ/USD 1-day price chart. Source: TradingView

The volatility is mild, with the upper limit of the Bollinger bands at the $6 mark representing resistance for XTZ, and the lower limit is at the $4.44 mark. The average of the Bollinger bands at the $5.3 mark represents support for XTZ, where bulls might get a chance as the price continues to travel down today.

The relative strength index (RSI) spike high yesterday as the demand increased for XTZ, the RSI also traveled towards the upper half of the neutral zone, but today’s selling pressure has brought it back below the centerline of the indicator, as now the RSI trades at index 48 on a downwards slope indicating the selling activity in the market.

Tezos price analysis: Recent developments and further technical indications

The 4-hour Tezos price analysis shows that after the price breakout downwards, the price continues covering the downwards range as the second candlestick is also red. The price function remained upwards yesterday and after going up to such a level, the correction was technically due.

Tezos price analysis: XTZ corrects after hitting a weekly high at $5.6 2
XTZ/USD 4-hours price chart. Source: TradingView

The volatility is very high on the 4-hour chart as the Bollinger bands started to expand yesterday, and the divergence continued today as well, but now the lower band has started to stabilize, while the upper band continues upside. The price has stepped below the upper band level, and now the mean average of the indicator at $4.8 represents the support zone for XTZ. The RSI has entered back into the neutral zone, and the RSI is trading on a downwards slope, hinting at the seeling pressure at index 66.

Tezos price analysis conclusion

The Tezos price analysis suggests XTZ is again bearish for today after spiking high yesterday, but the coin value has decreased significantly since October, and the market is feeling the pressure today as well. However, it seems to be a good time to scoop up some coins as the price is already low and the red cycle may soon be over. However, for today we expect XTZ to continue downside before moving up later at the end of today’s session.

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