Tezos Rally: New Cryptocurrency Casino Boosts XTZ by 9%

Is It Too Late to Buy Tezos? XTZ Price Rallies 9% as New Telegram Crypto Casino Raises $725,000

75 Listen to this article Over the past 48 hours, Tezos (XTZ) has embarked on a roller-coaster ride, swinging between […]

Latest News

Listen to this article

Over the past 48 hours, Tezos (XTZ) has embarked on a roller-coaster ride, swinging between the ranks of top gainers and top losers in the crypto market. This frenzy has left investors wondering: Is it still a good time to buy Tezos? Let’s delve into the recent price action and what it might mean for potential investors.

In a stunning display of volatility, XTZ recorded a remarkable 15.8% surge in price one day, only to be followed by an equally dramatic 10.72% nosedive the next. These wild fluctuations have turned the spotlight on Tezos, but what’s intriguing is that there hasn’t been any major fundamental news driving these sudden price movements.

Some analysts speculate that the price swings could be linked to a marketing push related to Tezos’ NFTs with Manchester United. Others suggest it might simply be the result of an unexpected surge in trading volume, reaching an impressive $158 million.

Tezos Price Analysis: Assessing the Current State

At the time of writing, Tezos is trading at approximately $0.66, marking a 24-hour change of -3.48%. This downtrend came after the price encountered resistance at the upper trendline of $0.75, a level untouched since August 16.

One noteworthy aspect of Tezos’s recent price action is its consolidation around the 20-day moving average (20DMA), standing at $0.67. This has created a 14-day consolidation zone and played a role in driving the previous upside momentum.

However, there’s a red flag as the price has dipped below the 20DMA support, hinting at the potential for further downside movement. To put this in context, the last time XTZ fell below the 20DMA was on July 24, resulting in more than two months of price decline, with the divergence below the moving average peaking at a staggering -28% below the 20DMA on August 18.

Read Also:  US Treasury unit proposes stepping up scrutiny of crypto mixers

In contrast, the 200-day moving average (200DMA) remains significantly higher, trading above the upper trendline at $0.84, and it has not been touched since April 29.

Turning our attention to the technical indicators, the Relative Strength Index (RSI) has been rising gradually, and it currently displays minor bullish divergence at an oversold reading of 47.80. Similarly, the Moving Average Convergence Divergence (MACD) shows minor bullish divergence at 0.001.

As things stand, Tezos seems to be looking for support around its current price level, with little indication of an imminent plunge. The indicators suggest that support is likely at this point.

Tezos’s Potential Price Scenarios

Despite the recent turbulence, Tezos remains poised to recover from its current position. According to the indicators, Tezos has a short-time frame upside target at $0.71, potentially yielding a gain of 7.36%. Conversely, there’s a downside risk that could push XTZ to $0.645, representing a potential 3.15% loss.

This leaves Tezos with a risk-to-reward ratio of 2.33, which emphasizes the more substantial upside potential.

While Tezos continues to grapple with the 20DMA range, it’s worth noting that savvy investors are exploring new opportunities through a Telegram-based GambleFi project, which offers staking APY returns that are outperforming the market. This adds an extra layer of intrigue to the Tezos ecosystem, making it a fascinating asset to watch in the midst of this crypto market whirlwind.

You Might Also Like

Read Also:  Binance CEO Pledges Nigerian Cooperation in $35M Case
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

Would love your thoughts, please comment.x
Scroll to Top
Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt Shiba Inu Burn Spike Raises Price Over 1300% Impact Concerns GBTC ETF Hindering Bitcoin’s Path to $100,000 Bitcoin News Ethereum Futures ETF with 2x Leverage Filed by Defiance Pump.Fun Boosts Memecoin Market: $5.2M in 38 Days Charles Hoskinson Highlights Cardano’s Progress Despite Criticism Solana DEX Booms, InQubeta Presale Tops $13M Cryptocurrencies to Watch: 16 Promising Options for 2024