Tezos Price Analysis: XTZ Crossed $2 mark, Bulls Gearing up for a Rally

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Tezos, one of the best-performing crypto assets in 2019 and been maintaining its performance in 2020 also.
  • XTZ provided an overall gain of 17% at the starting of February and expected to surge more.

Tezoz is one of the altcoins which is showing amazing bullish performance since the inception of 2020. It also saw an increment in its ranking climbing to 11th largest cryptocurrency in the world from 15th spot in January 2020.

It started the year with the price around $1.30 and broke $2 mark in February. Currently, it is trading around $2.12 and facing price correction, therefore, dipped by 5.02%.

Tezos Price Fundamental Analysis

Weiss Crypto Ratings, one of the top leading crypto rating firm also backed Tezos fundamentally. It mentioned that strong bullish rally for this crypto asset is due to the flexibility provided to traders by the governing community. XTZ token holders will be provided 5% crypto “dividends”. The decentralization and bug-free code make XTZ apart from several other cryptocurrencies present in the market.

Tezos Price Analysis

Source: Tradingview

The market capitalization is around $1,471,664,669 and the 24H volume traded is approximately $86,637,085. Looking at the past bullish performance of this altcoin, it can be said that today’s price correction is a good buying opportunity for the traders.

The RSI is around 60 level, which is a positive sign for the bulls. However, the CCI has been through a lot of overbought zones, which also indicates that there is an upcoming bullish movement for tezos, but if the rally continues to be too sharp, it can result in a major pullback. The MACD levels also explain the active buying phase going for XTZ since January.

The next significant mark set for XTZ is around $3.30. However, if there is a pullback, it can be supported at a $1.85 mark.

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