By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The Tezos (XTZ) cryptocurrency keeps aiming high, having found a foothold in the corporate news. It is generally trading at $1.0670.
The general technical picture of the Tezos may be named a correction before a new wave of growth. On H4, the quotations have started a correctional rise after a convergence on the MACD. However, it is too early to expect the downtrend aimed at the short-term support of $0.8700 to end. As for the current correction, the quotations have reached just 23.6% Fibo, but have all chances to rise to 38.2% ($1.2005) and 50.0% ($1.2766). After the pullback is complete, a new impulse of decline might be expected. The local support is near $1.0100.
On H1, the XTZ/USD demonstrates a more detailed picture of the development of an uptrend. However, inside the ascending channel there is a pullback to the support level. Moreover, the Stochastic lines are aiming upwards after forming a Gold Cross and a convergence, which means we can expect another impulse of growth soon.
Today, September 24th, the Binance exchange starts trading the Tezos. It will be available in pairs with the BTC, Binance Coin, and USDT. As for now, depositing the altcoin is already available.
This news gave excellent support to the cryptocurrency, which is currently the 18th in the rating of most popular cryptocurrencies. The market capitalization of the altcoin is evaluated as $721 million; the trade volume has grown by 30% at once after the news about the listing.
Why is it important? The more the cryptocurrency is available to investors — the more active the demand is. The Tezos is not the most widespread altcoin, that is why each step of the company towards its clients is, no doubt, positive.
The Tezos company is known to store its assets mostly in the BTC (some 61% of the company’s capital). They are distributed between several protected storages for safety issues. As a stabilization fund, the company uses bonds and the ETF, which also seems rather wise. 6% more of the assets are stored in fiat money, mostly in the US dollar.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
