The cryptocurrency market slumped on Thursday and in the early hours of Friday, BTC retested the levels below $30k before a slight rebound. The rest of the market is still painted red apart from some selected tokens such as Tezos (XTZ) which ignored the bearish wave to post double-digit gains. Amid the crypto market slump, XTZ/USD upswings to $3.07 intraday high, gaining 19.52% on the day. Tezos tumbled in tandem with the rest of the market on Thursday and early hours of Friday to resume the uptrend from the support at $2.42. At the time of writing, Tezos is exchanging hands at $2.97, gaining 8.67% on a 7-day basis. The asset is currently 19th on the Coinmarketcap table, with a market cap of $2.19 billion, and $648 million in trade volume over the past 24 hours. In late December 2020, Tezos announced the launch of the first NFT platform Kalamint, while releasing a beta version. Kalamint will allow users to create, buy, and sell NFTs (non-fungible tokens). Tezos Kalamint mainnet launch is expected to run in January 2021.
*Amid crypto market slump, XTZ/USD upswings to $3.07 intraday high, gaining 19.52% on the day
*Tezos is exchanging hands at $2.97, gaining 8.67% on a 7-day basis
*Tezos Kalamint mainnet launch is expected to run in January 2021
Key Levels
Resistance Levels: $4.49, $3.90, $3.22
Support Levels: $2.25, $2.22, $2.00
XTZ/USD Daily ChartDespite a few brief spikes, Tezos is yet to attain it’s August 13, 2020 high of $4.49 with XTZ price constrained beneath the daily MA 50 and 200. Although Tezos has reclaimed the two daily MA levels, the bulls are working assiduously in a bid to drive XTZ past the January 2021 high of $3.22.
A sustained break past this resistance level is crucial to an uptrend with a target objective of $3.90 and then $4.49. On the contrary, if the price turns south from current levels, the first support is envisaged at the MA 200 at $2.55. XTZ bullish view will be negated if the token drops and breaks below the MA 50 at $2.34. Declines to $2.00 and $1.60 are likely in this scenario.
XTZ/USD 4-Hour ChartOn the 4-hour chart, Tezos broke several key resistance levels to trade upwards. The first major resistance above the current price sits above $3.22. A breakout past this barrier can drive Tezos price to a high of $4.4 before a potential run to $5.
On the flip side, the bears may need to claim the MA 50 and 200 located at $2.82 and $2.36 to confirm a bearish comeback. The XTZ/USD pair is only bullish while trading above the $2.68 level, key resistance is found at the $3.22 and the $3.52 levels. If the XTZ/USD pair trades below the $2.36 mark, sellers may test the $2.20 and $2.0 levels.
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