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Tezos (XTZ) bulls seem to have shrugged off the uncertainty in the cryptocurrency markets as its price made a strong rebound. At the time of writing, Tezos (XTZ) was exchanging hands at $7.16, up 19.87% in the last 24 hours and 17.20% on a 7-day basis. The latest rebound marks the fourth consecutive day in green and brings XTZ barely 13% away from its May all-time highs of $8.40. Tezos is a Proof-of-Stake layer one blockchain network and baking within Tezos refers to the act of producing and validating new blocks for the network. Block0, a leading blockchain consulting and development company with active clients within the energy, agri-food, logistics, and software development sectors has announced that it is strengthening its involvement within the Tezos ecosystem by becoming a corporate baker. Being the first of this kind, Block0 will now validate transactions (blocks) and add them to the Tezos blockchain.
Key Levels
Resistance Levels: $8.41, $7.67, $7.00
Support Levels: $6.50, $5.44, $4.51
XTZ/USD Daily Chart: Bullish
XTZ/USD Daily Chart
XTZ has recouped recent losses as risk sentiment made its way back in the market. Rising from Sept. 21 dip lows of $4.48 to today’s high of $7.50, the price action seems to confirm the bullish MA crossing which may pull more trend followers to the rally. A break above $7.50 high would trigger an extended rally towards $8 and subsequently the $8.40 all-time high. Further increases could extend the rally to a likely new record high of $9 or $10.
On the other hand, As XTZ climbs back towards the $8 psychological level. Profit-taking near the resistance level may trigger a brief retracement. In this case, XTZ could turn to the $6.13 barrier now support. A breach below here could trigger profit-taking towards the MA 50 at $5.01 before the MA 200 ($4.36). The RSI at 60 still has further room to grow indicating the rally could continue until the market proves overbought conditions.
XTZ/USD 4-Hour Chart: Ranging
XTZ/USD 4-Hour Chart
XTZ climbs from lows of $4.48 as investors rotate back into digital assets. Buyers’ commitment to recouping nearly all losses from previous sessions is seen as price marked highs of $7.50 on Sept. 25 to trade well above the moving averages. While sentiment remains bullish, bears may play mean reversion and attempt to push the price down.
Immediate support sits at $6.62 ahead of the MA 50 at $6.01. Further declines may target the MA 200 at $5.67 and the $4.48 low. On the upside, $7.50 acts as a temporary resistance ahead of the $8 range. The bullish impetus may consolidate a while before the next major move. Traders, however, should be cautious and watch for the general trend of the markets before placing orders.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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