Tezos (XTZ) is a decentralized smart contract and application network with a governance layer on-chain set up to allow effective network updates and provide an open ecosystem for participants. Tezos exchanged higher on Thursday since most of the crypto majors exchange alongside Bitcoin. Presently the asset is 10th, with a market cap of about $2.0 billion, and a trading volume of $85 million over the past 24 hours. There are some bullish reports about the Tezos reward system lifting XTZ/USD to $2.9 after Coinbase-Tezos Declaration. That statement boosted the already bullish Altcoin and it stays as one of the session’s outperformers. Coinbase, a massive crypto exchange gives an effective, reliable method for the U.K. as well as certain [euro zone] clients to fully participate in the Tezos network, as they would now be eligible to stake Tezos through its proprietary staking service.
*Tezos exchanged higher on Thursday since most of the crypto majors exchanged alongside Bitcoin
*There are some bullish reports about the Tezos reward system lifting XTZ/USD to $2.9 after Coinbase-Tezos Declaration
*Coinbase, a massive crypto exchange gives an effective, reliable method for the U.K. as well as certain [euro zone] clients to fully participate in the Tezos network
Resistance Levels: $3.50, $3.33, $3.00
Support Levels: $2.50, $2.26, $2.00
XTZ/USD Daily Chart: Ranging
XTZ/USD Daily Chart
As per the daily chart, Tezos is currently racing against the USD at $2.9; the bulls are aiming higher towards $3. Vertically, once the coin succeeds to surpass the current monthly resistance at $2.90, the price is likely to hit resistance levels of $3.0 and $3.1. Furthermore, once the bulls can drive the price past the channel’s upper limit, the closest level of resistance is $3.0.
Price action for the XTZ/USD pair has strengthened from the March 12 decline and has once again become steadily bullish. The market price on the daily is back beyond both the MA 200 and MA 50 which is a powerful sign of consistent bullish bias in the market. Further upward resistance is at $3.33 and $3.50 levels while grounded horizontal support is at $2.5 and $2.26 levels.
XTZ/USD 4-Hour Chart: Ranging
XTZ/USD 4-Hour Chart
Tezos (XTZ) pulled up further from May 24th downward bias after being unable to crack the ascending trendline support, suggesting the bulls are actively guarding the advance. In the past few days, the pair have constantly exchanged beneath the MA 200 and MA 50 on the 4-hour time frame. A split underneath may have initiated a fresh downtrend.
Alternatively, once the bulls can drive the XTZ/USD pair to $2.9 beyond the main horizontal resistance level, this might indicate bullish intensity. A rally is possible beyond this level to $3.0 and then to $3.33. A breakthrough and close beyond the aforementioned zone may then be seen as an opportunity for buyers.
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