Tezos [XTZ] Price Reaches Bullish Break-Out Levels with 8% Gains

Tezos [XTZ] records 8.04% gain in the last 24 hours w.r.t. USD as the price moves up to $2.87. Technically, the price has at a critical break-out level with the push received by positive adoption news.

Banco BTG Pactual, the largest investment bank in Latin America issued real estate tokens on the Tezos blockchain. Last year, the BTG Pactual launched it’s own security token offering, ReitBZ, on Ethereum, raising $10 million dollars. The bank has decided to convert $5 million worth in ReitBZ to the new real-estate token.

Moreover, Digycode in France led retail adoption by addition of Tezos (XTZ) as the sixth cryptocurrency for trading at 10,000+ merchant locations.

Technical Analysis

W.r.t. Bitcoin [BTC], the price is on the verge on a break-out from the 200-Day EMA (Exponential Moving Average) at 0.000293 BTC. Moreover, it also moves up past support on the bullish trend-line with a higher low on the charts. Trader, Immortal Technique (alias) points the out to resistance at current levels, with the 200-Day MA on the 12-hours around 0.000296 BTC.

xtzbtc chart — XTZ/BTC 1-Day chart on Binance (TradingView)

Lately, the fort-night leading up to Bitcoin halving has been particularly bearish for the altcoins. As the price moves up towards a break-out, crypto trader, CryptoFibonacci points out another significance of current levels. He tweeted,

$XTZ Daily Chart. People always wonder why things stop where they do. Well, here is your example. Break past that 78.6 Fib retrace and bulls will have fun. #XTZ

The support for the bulls is around the 200-Day EMA and 38.2% Fib levels around $2.2-$2.4.

xtzusd price analysis — XTZ/USD Daily Chart Price Analysis (Source: Twitter)

The bullish targets for the price is around yearly high around $3.9 (high in daily close around $3.55). The CMF and MACD indicators on the daily scale are positive as well. The RSI on the four hour is moving up to the bullish territory looking for a break-out above 70. The daily closing in price will be critical in confirming these bullish signals in price.

Do you think the bullish trend will continue or price will reverse from current levels? Please share your analysis with us.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com