Price Analysis

Tezos Hits Around 30-day Resistance with Incredible Intraday Momentum

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Coinbase, a global digital asset exchange company, is a place to trade in digital currencies. It also serves as a wallet where these digital currencies can be stored. Based in the US, Coinbase fascinates its customers to earn rewards by holding crypto.

This was previously only facilitated for the US-based customers after the recent launch of Tezos, which has now extended these benefits in the UK and a few EU member countries. In this attempt, Coinbase stakes Tezos on behalf of customers and transfer rewards to customer accounts directly.

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With this particular Tezos network, customers have earned over $2 million in staking rewards of the network. Now, as Coinbase extends these benefits to the UK and to an extent in the EU, networkers will have an increased base of participants.

Tezos Price Analysis

XTZ News
XTZ/USD Chart By TradingView

On the 4-hourly chart, Tezos is having an amazing intraday momentum and is hitting monthly resistance around 100.0% Fib Retracement level. After recording the monthly lowest at $2.265 in the second week of the ongoing month, XTZ coin spurred above 61.80% Fib Retracement level in the same week.

Moreover, apart from a few altcoins, many others are facing a dearth of traction due to lack of trading activity, while Tezos, due to increased underlying benefits, is holding a great intraday momentum. The ongoing month started with a choppy market trend and the XTZ eventually led to hitting the major support at $2.265. Around the current trading price, the major lies around $2.60, which is 50.0% Fib level.

On the flip side, Tezos is already hitting the monthly resistance, and a bullish engulf will lead to gradually increasing the demand of the crypto. Until the coin is trading between 61.80% and 100.0% Fib, it is likely to draw a bullish crossover, and a dip otherwise, will lead to a bearish divergence.

The technicals are drawing bullish crossovers as the MACD of the XTZ coin has crossed over the signal line holding a bullish divergence, and the RSI of the coin is at 74.40 and is already hitting the overbought zone.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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