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Tezos becomes one of the best performing Altcoins for 2020

CME’s Bitcoin Futures increasing volume suggests BTC/USD rally to resume

Bitcoin managed to returned above $ 8,000 for short on Tuesday after a dramatic drop to its 2-month low on Monday. Core cryptocurrencies has declined mainly along with global equities following rising fears of the Coronavirus and a collapse in oil prices. Now it looks like the digital currency is trying to rebound.

This morning, the panic caused by the virus began to decline and most financial assets, including Bitcoin, began a modest recovery. The positive trend is expected to continue with the hope of new fiscal stimulus from US authorities. And the news for them should definitely improve investor sentiment.

Most analysts and enthusiasts expect Bitcoin to rise in such an environment. But I think that the downside pressure will continue till Bitcoin stays below 23.6% Fibo at $ 8,200.

 

Tuesday was another mixed day for the other top 10 cryptocurrencies

Tezos led the way on Tuesday, earning 2.15%. Binance Coin (+1.38%), Bitcoin Cash ABC (+0.28%), EOS (+0.29%), Ripple’s XRP (+1.16%) and TRX (+0.49%) also found support.

Bitcoin SV (-0.36%), Cardano’s ADA (-0.07%), Ethereum (-1.11%), Litecoin (-0.69%), Monero’s XMR (-2.02%) and Stellar’s Lumen (-0.27%) joined to Bitcoin in the red territory.

Since the beginning of the week, the total market capitalization of cryptocurrencies has slid from the of high $ 233.12 billion on Monday to $ 219.19 billion. At the time of writing, total market capitalization is $ 224.69 billion.

Bitcoin dominance has returned to 64% after falling to levels below 63.2% last week. And trading volumes amounted to $ 137.16 billion in the last 24 hours.

 

Tezos developers are creating a prize pool to fight the new virus

Tezos developer, Johan Tanzer, has set a prize pool worth $ 1,000 for those who contribute to digital resources in a popular medical research project, [email protected] The project focuses on protein folding structures. These findings will help fight a new Coronavirus (COVID-19) and other serious illnesses such as cancer, Ebola, Zika, Alzheimer’s and more. The project is managed by the Pande Lab, which is a part of Stanford University, and the Stanford University Medical Center.

 

Tezos becomes the best performing altcoin for 2020

Tezos (XTZ), now the 10th largest digital asset with a current market capitalization of $ 1.81 billion, has become one of the top performing assets in the top 20 coins since the beginning of the year. At the time of writing, XTZ/USD is trading around $ 2.56 and its chart looks much better than most of the other major coins.

In the last 2 days, on a daily timeframe, the price of Tezos cannot break the 50% Fibonacci retracement of the last drop at $ 2.79. The $ 2.50 area (23.6% Fibo) below seems to be a good support in the longer-term. If the price stays above it and breaks above the 50% Fibo level, XTZ could potentially test the $ 3.00 psychological level.

On the downside, we also have a support trend line at 2.34, which should keep the price above if there is a deeper correction.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Tezos stops its rally after 100% growth

Today again we have a bearish start for the major cryptocurrencies. Yesterday, Bitcoin and all major altcoins suffered losses on a daily basis with the only exception of Chainlink (LINK).

At the time of writing, total market capitalization is $ 196.95 billion. Bitcoin dominance remains at levels below 67% after major losses. The steady sell-off managed to pull investors away, with trading volume reaching $ 60 billion before settling down.

 

Who are the winners and losers of the day?

The Chinese Center for Information and Industry Development has released its latest revision of its crypto index. This index evaluates the technology, applications and creativity of blockchain projects. The first position is occupied by EOS, followed by Ethereum, and the third is TRON. Bitcoin ranks ninth in this ranking.

Among the top 100 cryptocurrencies, the best of the day was ZEN (+16.13%), LINK (+8.62%) and STEEM (+4.64%). In the red were RVN (-21.41%) and (-19.16%). But MATIC was the biggest loser yesterday, falling 50%.

The Tezos case is a little more interesting. In just 24 hours from the best performing coin, the asset became one of the biggest losers. The coin dropped by more than 8% on a daily base against the background of the strong bearish pressure caused mainly by technical factors.

 

Technical analysis of Tezos

Tezos became one of the most active altcoins in 2019, with the XTZ token giving returns more than three times in dollar terms after the ICO, as well as 4X returns against ETH appreciation. Also, over 42% of XTZ volumes are going against Tether (USDT).

Technically, at the beginning of the month, Tezos’s price continued to make higher lows on the 4-hour chart, which usually marked an upward trend and broke the formed triangle in early December. Accordingly, we saw XTZ/USD test the next resistance area at $ 1.60.

But at the same time, the RSI indicator began to show bearish divergence, which generally marks a potential reversal of the trend. On a daily chart, the RSI also turned from the overbought area and is pointing down now. This means that the coin may continue its downside correction in the near future.

The first support to keep track of is $ 1.30. It was created by the middle line of the daily Bollinger Bands and the H4 50 SMA. A clear break below this area could extend the sells to $ 1.26. There is located a 200-day moving average on the 4-hour chart.

On the other hand, if the price manages to keep above the support of 1.30, then we will probably see another Tezos’s test of the resistance zones around $ 1.65 and $ 1.85 (the August and May highs).

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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