Security tokens have evolved from Tezos, which was structured as a “self-amending cryptographic ledger” and employs the so-called authentication model. Tezos (XTZ) – the tenth largest market cap cryptocurrency – does have tons of people getting excited about where it’s going to go, as it’s already risen by over 90 percent since the start of the year. Bears are taking a breather on XTZ/USD at the time of writing as price swings past $2.63 and the crypto as it stands has a total market cap of almost $2 billion. Tezos has since attained about 30 percent after the COVID-19 triggered sell-offs. The number of “STO Pipeline” projects that are in the process of being activated as it returns to becoming Altcoin 2020 is a critical element driving interest in Tezos. In a way, these may drive XTZ demand, either for transactions or specifically for acquisitions of the new security token provided by Tezos’ technology.
*Bears are taking a breather on XTZ/USD at the time of writing as price swings past $2.63
*Tezos has since attained about 30 percent after the COVID-19 triggered sell-offs
*The number of “STO Pipeline” projects that are in the process of being activated as it returns to becoming Altcoin 2020 is a critical element driving interest in Tezos.
Key Levels
Resistance Levels: $3.50, $3.33, $3.00
Support Levels: $2.50, $2.26, $2.00
XTZUSD Daily Chart: Ranging
XTZ/USD Daily Chart
Tezos has been consolidating in recent sessions and as can be viewed on the daily chart the price has been making lower highs at the same time as making some higher lows. More lately there has been a range between a low of $2.26 in the medium term and a high of about $3.00 in the near term. Based on the chart above, a higher push breaking past the upper horizontal resistance level at $3.00 has occurred in more recent times.
The bulls may also have to pull off over $2.90 in the resistance zone to have some optimism of advancing to the highs. Once the price climbs back beyond this horizontal line, a fantastic bullish action should be expected. The alternative shift is that unless this line of resistance proceeds to suppress bullish momentum, Tezos may likely see another price decline towards sub $2.00.
XTZUSD 4-Hour Chart: Ranging
XTZ/USD 4-Hour Chart
Tezos already has steady gains and XTZ had been edging past some crucial technical levels at present. The price has now made a rebound on the ascending trendline as seen in the above 4-hour chart, and the $2.50 confluence zone has held tightly and subsequently persisted as a soft support zone.
The corrective target was correctly hit at the 161.8 percent area and now the price is going back to the previously mentioned resistance zone as seen on the daily. The good news is the higher recent move as price push past the MA 50 and MA 200 has been seen. Although there is a divergence on the relative strength index and price as seen in the short-term trend, which means that certain downside correction still exists.
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