Tezos daily chart analysis: descending channel and significant support/resistance margins
Significant partnership ahead for Tezos.
Yerevan (CoinChapter.com) – XTZ, the native token of Tezos decentralized, open-source blockchain network, logged an impressive gain after the recent crypto crash on June 21. The token dropped as low as $2.13 on Tuesday before shooting to $2.79 the following Wednesday. After the 30 percent bullish break, XTZ corrected downward a bit and traded at $2.63 ahead of the European session Thursday.
XTZ daily chart
XTZ traded in a descending channel since the infamous May 19 crypto crash. The lower descending trendline kept the token from crashing further. The parallel upper trendline capped XTZ’s breakout attempts. The mid-range has also proven itself significant, providing both support and resistance throughout the formation.
Tezos reached the mid-range margin in the recent sessions and retested it as resistance this time, correcting downward. Should XTZ maintain its uptrend, the mid-range will provide support, helping the token get to the upper trendline. The resistance consists of the noted trendline and the 20-day exponential moving average (EMA-20). XTZ will have to break through the confluence of resistance if it hopes to hold a bullish bias.
If the token continues the descent in the upcoming sessions, it is likely to hit the channel’s lower trendline. XTZ could either pick up again and continue to trade in the formation or break down, in which case it still has two support lines to secure it. The $2.27 and $1.84 margins proved substantial in October 2020-January 2021.
Before the latest crash on June 20, associated with China shutting down Bitcoin mining in several regions, Tezos made a significant alliance.
On June 17, McLaren Racing announced its plans to build an NFT (non-fungible token) platform on the Tezos blockchain. The platform will have NFTs illustrating the history of the racing brand as the second-longest-running F1 team. It will also feature the most notable racers and car models. As part of the agreement, McLaren racers will display the Tezos logo on their suits.
The partnership news granted Tezos a green candle on June 17. However, the crash that followed wiped over 25 percent of the token’s value. The daily chart suggests XTZ is getting back on its feet, considering the new alliance and the ubiquitous recovery across the crypto market.
Social media sentiment metric LunarCRUSH also noted XTZ’s success in the past sessions, giving it a ‘champion’s cup’ in a Fleet and sharing the top 10 influencers for the blockchain.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
YEREVAN (CoinChapter.com) – Stablecoin issuance protocol Terra made headlines in the previous days after its governance token LUNA crashed...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.