Tezos (XTZ) is up 3% in the last 24 hours at $0.90 and 19% since the past week as the crypto market recovers. To celebrate the launch of Tezos staking on Binance US, the subsidiary of the crypto exchange Binance says it’s giving away $750 worth of XTZ. In late December, BinanceUS, a subsidiary of the Binance crypto exchange, announced that its customers will be able to stake Tezos (XTZ) and earn up to 7% APY at inception. Customers would be able to buy, sell, convert, or stake XTZ in minutes on Binance US, a major staking provider. Also, advanced trading is available on the XTZ/USD, XTZ/BUSD, and XTZ/BTC pairs. Tezos is the blockchain network that hosts the digital token XTZ. A blockchain-based governance mechanism used by Tezos prevents hard forks, or blockchain splits, by adopting and implementing protocol upgrades selected by voting proportional to users’ economic stake in Tezos. XTZ uses a proof-of-stake system rather than Bitcoin mining to validate blockchain transactions, which uses less energy.
Key Levels
Resistance Levels: $2.00, $1.50, $1.00
Support Levels: $0.70, $0.50, $0.30
XTZ/USD Daily ChartXTZ prices are flirting towards $1.0 in the short term, following a ten-day upward trend. The relative strength index (RSI) has advanced north into the positive zone, while the price is attempting to flip the moving average (MA 50) to hold into the bullish zone. While flattening out, the moving average (MA 200) is preparing to function as resistance.
If the price structure persists, the next critical milestone might be the moving average (MA 200), which is immediately beneath the $1.50 horizontal resistance. The $1.50 barrier, slightly higher, may prevent the bullish movements after reaching the moving average (MA 200). On the other hand, a drop below the horizontal support at $0.70, on the other hand, might send the bears lower than their recent low.
XTZ/USD 4-Hour ChartIn the 4-hour time frame, the price has regained ground and is currently trading above the moving averages (MA 200 and MA 50). Depending on today’s close, we could see a continuation up or a move down. The price is at a crossroads between $0.90 and $1.00. A bounce off the zone should strive past $1.00, while a drop should aim for $0.80.
Currently, the short-term oscillators do not indicate a bearish direction for the pair. The price is now oscillating ahead of the two moving averages (MA 50 and MA 200), flirting near the $1.00 round mark. The positively charged 4-hour relative strength indicator reflects the most recent increase in purchasing activity, but further price gains remain somewhat constrained.
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