XTZ Still Has Some Room to Advance

Please fol­low and like us:
Pin Share

The Tezos price pre­dic­tion appears to have tilt­ed to the bull­ish end of the equa­tion after it shot up 3.02% on Fri­day. This uptick puts the token on course for a third straight day of gains, ben­e­fit­ting from some pos­i­tive news that just hit the newswires.

The XTZ/USDT pair is respond­ing pos­i­tive­ly to news that the blockchain plat­form has invest­ed 100,000 Euros in an Eston­ian art start­up, Kanvas.ai. This invest­ment enables the art com­pa­ny to offer non-fun­gi­ble tokens (NFTs) on the Tezos blockchain. This part­ner­ship will make Kanvas.ai the first com­pa­ny in the Baltics to have an NFT imprint on the blockchain. Kanvas.ai hopes to invest the funds to boost its tech­ni­cal capac­i­ty and spread its reach into oth­er Euro­pean countries.

From the tech­ni­cal analy­sis stand­point, Thursday’s break of the 1.555 resis­tance has com­plet­ed the dou­ble bot­tom pat­tern and has cleared the way for the XTZ/USDT pair to chase an addi­tion­al advance that tar­gets the 1.805 price mark. Here is the Tezos price pre­dic­tion head­ing into the weekend.

Tezos Price Prediction

The dou­ble bot­tom pat­tern has been con­firmed via the break of the 1.555 resis­tance line, serv­ing as the pattern’s neck­line and the pri­or low of 21 August 2022. This sce­nario makes the 1.805 resis­tance bar­ri­er (19 July high and 14 August low) the tar­get of the mea­sured move’s com­ple­tion. A fur­ther advance beyond this point leads to the 8/14 August 2022 highs at 1.954, leav­ing 2.110 a fur­ther tar­get point if the bulls suc­cess­ful­ly uncap the 1.954 resis­tance barrier.

The bears will find some joy if the price action breaks down the dou­ble bot­tom sup­port at 1.417. This opens the door toward the 1.272 price mark (13 Jan­u­ary 2020 and 13 June 2022 lows). Below this lev­el, addi­tion­al sup­port comes in at 1.114 (24 Sep­tem­ber 2019 high and 14 Novem­ber 2019 low), with 0.976 formed an addi­tion­al south­bound tar­get, hav­ing been the 13 March 2020 low site.

XTZ/USDT: Daily Chart



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *