Connect with us

Tezos

Tezos ready for new all-time high as XTZ grapples with crucial support

Published

on

  • XTZ price is currently bouncing off the $7.18 support floor.
  • A bounce off this barrier will likely propel Tezos by 22% to $8.73.
  • A breakdown of the $6.56 demand barrier will invalidate the bullish thesis.

XTZ price has been on a slow downtrend since its all-time high on October 4. This descent has pushed Tezos down to a crucial support floor which will decide its fate going forward.

XTZ price at make or break

XTZ price rose 71% from September 29 to October 4, setting up an all-time high at $9.17. Since this point, Tezos underwent a correction that is stabilizing around the $7.18 support floor. Going forward, it is crucial that XTZ price stays above the $7.18 support barrier to have any shot at an uptrend.

Assuming the buyers step in and win this battle of control, XTZ price will rally 22% to take a jab at $8.73. Clearing the said barrier will allow Tezos to continue its ascent toward the next hurdle at $10.27, a new all-time high. 

In special cases, XTZ price could extend toward the 261.8% trend-based Fibonacci extension level at $13.32. This move would represent an 83% climb from the $7.18 demand level.

Advertisement
XTZ/USDT 6-hour chart

XTZ/USDT 6-hour chart

While the bullish assumption is plausible, it is based on the assumption that XTZ price wil stay above $7.18. Failing to do so will decrease the chances of a bull rally and knock Tezos down to $6.56.

If the buyers fail to defend this level and produce a lower low below it, it will invalidate the bullish thesis. This development could trigger an 11% descent to $5.8.

News Source

Advertisement

Tezos

Tezos shoots up 25% as Bitcoin, Ethereum and others see red – here’s why

Published

on

  • Bitcoin, Ethereum, BNB and more are in the red as market correction continues, but Tezos has bucked the trend and leads the top 100 coins by gains.
  • Tezos has gained 25 percent in the past 24 hours as an exciting new partnership and a new energy efficiency report draw investors.

The cryptocurrency market has been bleeding in the past week, with Bitcoin hitting a low of $45,000, down from $58,000 just a week ago. Ethereum, Solana, Binance Coin, Cardano and Polkadot have all shed value as well, including in the past day. However, one altcoin is leading the charts with gains of up to 25 percent in the past day. Tezo has bucked the current market trend and has swiftly recovered after a flash crash last week saw it hit its lowest price in three months.

On December 3, Tezos (XTZ) recorded a sudden drop, quickly hitting a low of $3.23, its lowest since mid-August. The drop wasn’t unexpected, with the entire market seeing a correction that saw Bitcoin shed over $12,000 in a day.

However, since then, Tezos has been on an uptrend which culminated in a 25 percent rise in the past 24 hours.

XTZ is now the 39th-largest cryptocurrency in the market with a market cap of $4.6 billion.

The underlying metrics show that the spike is not a fluke. Trading volume is up an incredible 550 percent to $1.55 billion in the past day, ranking above the wildly popular Shiba Inu and even Bitcoin Cash.

Advertisement

Why Tezos is soaring

Tezos, which is a self-upgradeable proof of stake blockchain network, has focused on NFTs and gaming in 2021, two sectors that have witnessed an explosion in popularity. With one of the most energy-efficient and fastest networks, it offers one of the most cost-efficient networks for gamers and investors.

Its gamble has paid off big time. Yesterday, one of the world’s largest gaming companies announced that it was building on Tezos. Ubisoft is building “the first energy-efficient NFTs playable in a AAA game.” Dubbed Ubisoft Quartz, it launches tomorrow, December 9 with three free cosmetic drops.

Advertisement

Ubisoft is a French video game giant with development studios across the world. Some of its most renowned gaming franchises include Assassin’s Creed, Tom Clancy’s, Prince of Persia, For Honor and Far Cry.

Blockchain gaming has emerged as the next big area for exploration after the immense success of DeFi and NFTs. With Ethereum still lagging behind in transaction speed and with high fees, there’s a big opportunity for any other network to exploit. Tezos is in a prime position to dominate this area, and the Ubisoft deal will be a big boost.

As Ubisoft unveiled its partnership with Tezos, PricewaterhouseCoopers released a report that touted Tezos as the most energy-efficient blockchain network in the market.

Advertisement

According to PwC, the energy efficiency for each transaction on the network increased by 70 percent. The electricity requirement is also down by 30 percent this year, the ‘Big Four’ accounting giant revealed.

The annual energy consumption on the network stands at 0.001 Terawatt hours (TWh), much lower than BTC’s 130 TWh and Ethereum’s 26 TWh. In general, the annual energy consumption of the Tezos network is equal to the energy footprint of just 17 people.

News Source

Advertisement
Continue Reading

Tezos

Tezos Price Prediction: XTZ Is Up 35% To 5.5% As Bulls Aim For $7.0

Published

on


Tezos price is up 35% over the last 24 hours to the current price around $5.5412. This follows news on a deal with Ubisoft which went viral on social media on Tuesday. These news bolstered XTZ as it rebounded off the $3.87 support level leaping 51% to intraday high of $5.83 on Tuesday.

This has bolstered bulls who are now determined to take the DeFi coin to areas above $7.0.

The Ubisoft Deal Bolsters the Tezos Price Rally

As earlier, the current XTZ price rally is reinforced by the announcement of a significant partnership with video game maker Ubisoft. The gaming company is launching Ubisoft Quartz, a platform where users can acquire unique NFTs called Digits, which can be used in-game and the platform will use the Tezos blockchain. The Tezos team said in a tweet that the Ubisoft Quartz will be build on Tezos.

Advertisement

Games based on blockchain platforms have gained traction in 2021 and for Tezos to partner with one of the largest video game makers in the world could lead to a long-term rally for the XTZ coin.

As such, the Tezos price turn away from its downtrend that followed the weekend crypto market bloodbath with an impressive 50% to $5.8.

Advertisement

XTZ/USD Daily Chart Live Chart

Tezos price daily chart

As such, if Tezos price rises above the immediate resistance at $5.816, it is likely to move upwards to tag the $7.00 psychological level.

Note that the parabolic SAR has just flipped from negative to positive and moved below the price suggesting that XTZ market momentum is now bullish.

Moreover, the MACD has just sent a buy Tezos signal on the daily chart. This happened today when the 26-day Exponential Movign Average (EMA) (blue line) crossed above the 26-day EMA (orange) accentuating the bullish narrative .

Advertisement

Looking Over The Fence

On the flipside, failure to rise above the $5.813 resistance could see the Tezos price drop towards the 200-day SMA at $4.6706 where it could take a breather before continuing the rally.

Therefore, XTZ investors are advised to wait for a closure above the $5.8 for a bullish breakout or a closure below the $4.6706 for a confirmation of a bearish breakout.

News Source

Advertisement
Continue Reading

Tezos

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

Published

on

  • 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.

Advertisement

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.

News Source

Advertisement
Continue Reading