Connect with us

Tezos

Tezos Price Analysis: XTZ continues to consolidate around $6.7, break lower to follow?

Published

on

  • Tezos price analysis is bearish today.
  • XTZ/USD still holds $6.7 support.
  • Next support at $6.

Tezos price analysis is bearish today as lower highs were continuously set despite the $6.7 mark holding. Therefore, we expect XTZ/USD to break lower and head towards setting another lower low.

Tezos Price Analysis: XTZ continues to consolidate around $6.7, break lower to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 1.26 percent, while Ethereum gained 0.74 percent. Meanwhile, Shiba Inu (SHIB) is the top performer for today, with a gain of 55 percent as it sets new all-time highs.

Tezos price movement in the last 24 hours: Tezos continued to trade around $6.7 support

XTZ/USD traded in a range of $6.65 – $6.80, indicating low volatility over the last 24 hours. Trading volume declined by 34.6 percent, totaling 124.5 million, while the total market cap trades around $5.76 billion, ranking the coin in 35th place overall.

XTZ/USD 4-hour chart: XTZ to break lower today?

On the 4-hour chart, we can see Tezos price action setting further lower highs, likely leading to a break below the $6.7 support today.

Tezos Price Analysis: XTZ continues to consolidate around $6.7, break lower to follow?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has seen a steady decline over the past weeks. After the strong first week of October, XTZ/USD moved from $5.50 swing low to $9 swing high, a failure to move higher followed.

Since then, Tezos has set several lower lows and highs, with the last one benign at $6.4. Earlier this week, a new lower high was set around the $7 mark, with further downside seen over the following days.

Advertisement

Currently, Tezos price action trades in a very narrow range around the $6.7 mark. Considering that lower highs are still set, we expect XTZ/USD to break lower and move to set further lows.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as further lower highs were set over the last 24 hours despite the $6.7 still holding. Therefore, we expect XTZ/USD to break lower and move to the $6 next support early next week.

While waiting for Tezos to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Advertisement

News Source

Tezos

Tezos Price Analysis: XTZ to break above the intraday highs of $5.1

Published

on

  • Tezos price analysis is bearish today.
  • XTZ/USD is trading at $54.9.
  • Next support at $4.65.

The price of Tezos is under pressure today as we anticipate a further decline following the current consolidation. As a result, XTZ/USD should next aim to test the previous low at $4.65.

We are currently testing the support zone between $5, which was retested after breaching it, and $4.65, where the lower boundary of the symmetrical triangle is located. The price action consolidated around this area today while opening trades were neutral during European trading hours before slightly moving up to test the resistance at $5.49. However, it closed below this level without being able to close above it, after which the price fell back down to retest support at $5. There, XTZ/USD managed to breach resistance while taking out another important support at $4.90 to close the day at $4.63, where it currently trades around, approximately 10% down compared with two days ago

Technical analysis indicates that XTZ/USD is about to challenge the Fibonacci level at around $4.50, which offers strong support as far back as April this year. According to historical data, the 100-day moving average closely follows this price zone, marking an important resistance area for Tezos before entering any bullish mode.

XTZ/USD 4-hour chart: XTZ targets $4.65 next?

We can see consolidation continuing today on the 4-hour chart, likely as bears prepare to push the Tezos price even lower along with the overall bearish trend.

Advertisement
tezos price analysis
XTZ/USD 4-hour chart. Source: TradingView

After a several-week fall from its all-time high of $9.14 set on the 4th of October, Tezos price action has hit a new low in recent days. The market is still dominated by bearish momentum, with no indications of recovery yet apparent, suggesting that we will see further downside later this week.

On Saturday, XTZ/USD hit a clear lower high at $5.6, with a later reversal. Tezos began to plummet rapidly overnight Monday until it reached the $5 mark, where minor support was discovered last week.

After that, the Tezos price trend has remained above the support. We will most likely see XTZ/USD break below $5 later this week, continuing with the broader multi-week bearish trend.

Tezos Price Analysis: Conclusion 

Technical indicators are hinting towards further declines over the coming sessions, but they may need some time before being confirmed, so patience is needed in order not to waste any opportunity on better entry prices later on since we anticipate a more substantial correction near term after having tested some important levels.

Advertisement

News Source

Continue Reading

Tezos

Tezos Price Analysis: XTZ consolidates around $5, not yet ready to move higher?

Published

on

  • Tezos price analysis is bearish today.
  • XTZ/USD still consolidates around $5.
  • Next support at $4.65.

Tezos price analysis is bearish today as we expect further drop to follow after the current consolidation is resolved. Therefore, XTZ/USD should move to test the previous low at $4.65 next.

Tezos Price Analysis: XTZ consolidates around $5,  not yet ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours, with Bitcoin down by 3.41 percent. Meanwhile, Ethereum has lost 2.14 percent, while Loopring (LRC) is the top performer, with over an 18 percent gain.

Tezos price movement in the last 24 hours: Tezos continued to consolidate around $5 support

XTZ/USD traded in a range of $4.91- $5.19, indicating low volatility over the last 24 hours. Trading volume has declined by 5.49 percent, totaling $174.1 million, while the total market cap trades around $4.34 billion, ranking the coin in 43rd place overall.

XTZ/USD 4-hour chart: XTZ targets $4.65 next?

On the 4-hour chart, we can see consolidation continuing today, likely as bears prepare to push the Tezos price even lower along the overall bearish trend.

Tezos Price Analysis: XTZ consolidates around $5,  not yet ready to move higher?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price action has reached a new low over the past week after a several-week decline from the $9.14 all-time high set on the 4th of October. Bearish momentum still dominates the market with no clear signs of recovery seen, indicating we can expect more downside later this week.

Over the weekend, XTZ/USD saw a clear lower high set at $5.6 previous support, with reversal a couple of hours later. Overnight to Monday, Tezos started to rapidly decline until the $5 mark, where minor support was previously seen last week.

Advertisement

Since then, the Tezos price action has consolidated above the support. Likely we will see XTZ/USD break below the $5 later this week to continue along with the overall, several-week bearish trend.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bearish today as we saw bears take a pause over the last 24 hours after a sharp drop lower on Sunday. Therefore, we expect XTZ/USD to continue lower once the current consolidation is resolved.

While waiting for Tezos to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Advertisement

News Source

Continue Reading

Tezos

Tezos-based DeFi Ecosystem Smartlink Launches Second Generation of Vortex with Yield Farms: Details

Published

on

Now the enthusiasts of Tezos (XTZ) blockchain can “yield farm” Sushiswap-style

Tezos-centric multi-product ecosystem Smartlink, which includes a peer-to-peer marketplace, launchpad and decentralized escrow, shares a crucial update for its Vortex decentralized cryptocurrency exchange (DEX).

Smartlink launches “yield farming” on Vortex DEX

In its recent official announcement, Smartlink ecosystem stated that the latest release of its DEX Vortex (Vortex v1.2) supports “yield farming” functionality.

Advertisement

Namely, the yield farming functions will be activated for the following Tezos-based assets (that belong to both FA1.2 and FA2.0 standards), including SMAK, USDtz, hDAO, ETHtez, tzBTC, Crunch, Plenty, QUIPU, kUSD and Ctez.

Vortex yield farm’s codebase is audited by top-notch Tezos (XTZ) development studio, LIGO Lang. Besides products for Tezos’ ecosystem, LIGO Lang devs contributed to programming languages utilized in Tezos’ dApps.

Advertisement

As such, the holders of various Tezos-based assets will earn yields on their dormant cryptocurrencies after locking them into Vortex liquidity pools.

Advancing UX of Tezos-based DeFi

Besides “yield farming” opportunities, Smartlink introduced a number of improvements for performance, user experience and operations of its architecture.

The new iteration of Vortex boasts an advanced analytical toolkit, including daily gainers and losers, daily TVL, top pools, staking statistics and fee distribution.

Advertisement

An easy-to-use ROI calculator will help crypto holders to choose between the most active and profitable pools. As such, Vortex will guarantee the unmatched yield farming experience for traders with various levels of expertise in crypto.

News Source

Advertisement
Continue Reading