As the lead cryptocurrency Bitcoin (BTC) continues its journey towards $20,000, it seems that some Altcoins are finally catching up. To sum up, Tezos (XTZ) is amongst those on the verge of a price correction. While investors struggle to stay ahead of the U.S. Presidential election outcome, Tezos is quietly printing bullish tape. Earlier the Tezos token had retraced to the lower edge near the $1.8 support zone. Following the plunge, its price flips bullish to $2.22 after XTZ/USD correction from lows. The asset is currently 17th on the Coinmarketcap table, with a market cap of $1.63 billion, and $266 million in trade volume over the past 24 hours. XTZ/USD presently is trading at $2.12 while pointing to the $2.45 barrier after an extended rebound. A swiss Crypto bank Sygnum, offers Tezos staking service providing custody, trading, credit, as part of the rollout. Tezos’ Liquid Proof-of-Stake (LPoS) consensus mechanism offers token holders the opportunity to delegate their tokens to a validator and earn staking rewards, allowing network participants to earn rewards for helping to maintain the network.
*Earlier the Tezos token had retraced to the lower edge near the $1.8 support zone
*Following the plunge its price flips bullish to $2.22 after XTZ/USD correction from lows
*A Swiss Crypto bank Sygnum offers Tezos staking service providing custody, trading, credit, as part of the rollout
Resistance Levels: $3.00, $2.77, $2.45
Support Levels: $2.00, $1.80, $1.45
XTZ/USD Daily Chart: Ranging
XTZ/USD Daily Chart
On the daily chart, the optimistic XTZ trend was becoming negative after the crossing of the MA 200 by the MA 50 downwards. The sellers got a nod for a continuation and pushed XTZ price towards a low of $1.796. However, thanks to the overall market strength, XTZ/USD has possibly managed to rebound, flipping the $1.800 into the support zone and cracking the daily MA 50 at $2.12.
The pattern’s horizontal support at $1.800 and demand zone stretching from April 2020 played an instrumental role in jumpstarting the rebound. On the other hand, a rejection from the $2.26 horizontal barrier would represent a shift in favor of the bears back beneath the MA 50 at $2.12. However, formidable support is required above $2.00 to give the bulls ample time to plan the next attack angle for gains heading to $2.45, $2.77, and later $3.0 levels.
XTZ/USD 4-Hour Chart: Ranging
XTZ/USD 4-Hour Chart
Tezos (XTX) has charted a series of lower highs and lower lows on the 4-hour time frame, reaching lows of $1.79 on November 4. Since then, the bulls have made their comeback and managed to stay in control for 4 days in a row. In the process, it managed to reverse the bearish pressure to bullish. Presently, the bulls have flipped the 4 hour MA 200 into support at $2.12.
XTZ/USD is starting to appear increasingly bullish above the $2.0 level as the staking crypto finally starts to rally alongside Bitcoin. A sustained breakout above the $2.26 level could see the XTZ/USD pair surging towards the $2.45 level, and possibly even higher. Traders that are bearish towards the XTZ/USD pair need to see the cryptocurrency weakening below the $2.0 level to encouraged technical selling.
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