Tezos (XTZ), a security and longevity-focused crypto-currency, is one of the high ranked coins on the market in 2020. XTZ has risen by about 1.15 percent over the last 24 hours. It trades at $2.60 after the crypto market’s recent consolidations. Tezos (XTZ) is the 12th largest crypto asset with a $1.9 billion in market value and an average of $79 million in daily trading volume. XTZ reached the peak of the recent recovery on June 2 at $3.12 and has since tumbled down. Its latest low is the $2.43 level of Monday, June 15, although XTZ/USD retains neutral mode around $2.60. Tezos Foundation claimed, about the Financial Action Task Force (FATF) on anti-money laundering (AML), it had partnered with analytics firm, Coinfirm to bake regulatory compliance into its eponymous blockchain. It will enable entities that use XTZ and its ecosystem to comply with FATF under AML requirements, though creating conditions for them to adopt dedicated alternatives to Travel Rule.
*XTZ reached the peak of the recent recovery on June 2 at $3.12 and has since tumbled down
*Its latest low is the $2.43 level of Monday, June 15, although XTZ/USD retains neutral mode around $2.60
*Tezos Foundation claimed, about the Financial Action Task Force (FATF) on anti-money laundering (AML), it had partnered with analytics firm, Coinfirm to bake regulatory compliance into its eponymous blockchain
Key Levels
Resistance Levels: $3.33, $3.00, $2.77
Support Levels: $2.50, $2.26, $2.00
XTZ/USD Daily ChartThere was a slight surge last week that took XTZ over $3.00, as observed on the daily. At $3.12, a monthly high gets established and reflected the end of the breakout. One more comeback beyond $3.00 after the consolidation may surmount a run for $4.00 in an attempt to beat the existing high at $3.94. After price breaks beyond $3.12, the edge may shift toward the bulls.
An intense opposition is going on between the bulls and the bears around the MA 50 ($2.75) at present. Once Tezos (XTZ) is unable to break beyond the MA 50, it may tumble to the $2.50 initial support. The MA 50 leveled out as the RSI is beneath the 50 midpoints indicating a balance between demand and supply. Alternatively, a plunge to $2.32 is probable if the bears push the XTZ/USD pair down to $2.50.
XTZ/USD 4-Hour ChartOn the intraday charts, XTZ/USD was exchanging at $2.60 mark below the 4-hour MA 50 and MA 200 and had earlier extended the decline under the daily ascending trendline formation into the midst of the recent sloping trend with the upper boundary created by the 4-hour MA 50 and MA 200 crossing at $2.77.
Once it’s out of the path, the upside is likely to gain traction with the emphasis on the recent $2.90 high, reinforced by the MA 50. The next short-term target lies at a $3.00 psychological zone. A step back beneath $2.60 on the downside may exacerbate the initial projection and enable a prolonged decline towards $2.50. The next support emerges at $2.43, the lowest level as of June 15.
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