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.
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.
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.
