By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, November 2nd, the Tezos is attempting to grow after two days of correctional declining. The load of energy that had been pushing XTZ/USDT up before is not up yet. The currency is chiefly trading at $1.1846.
On H4, the XTZ/USDT quotations are correcting after swift growth. The correctional phase has turned into a Triangle and the quotations have stopped near 61.8% Fibo. As long as there is a Black Cross on the MACD, the decline might continue to 76.0% ($1.0346). However, as the Triangle is the pattern of the uptrend continuation now, the main scenario suggests a breakaway of its upper border and further growth to the current peak at $1.7200.
On H1, the quotations are squeezed between the resistance and support lines ($1.2118 and $1.1050, respectively). It should be noted that the Stochastic lines have entered the oversold area and are preparing for a Gold Cross. This, in its turn, supports the forecast of further growth after a breakaway of the local resistance. The nearest goal of the growth is likely to be at the local fractal – $1.3671.
The Coinbase exchange has declared that it is going to support the stacking of the Tezos token, and the rate of the cryptocurrency has sky-rocketed. In Coinbase they say that users can increase the number of the Tezos tokens either themselves or via stacking services, which is unsafe, however. It is much better done via the exchange itself. Stacking is a way of making money on a cryptocurrency by keeping it in the wallet for a certain period. If Coinbase is safer than average for keeping the cryptocurrency, the users will be delighted.
To be rewarded, the users must keep the Tezos tokens in their wallets for 35 to 40 days minimum after depositing the wallets for the first time. If the owner of the tokens complies with these rules, they may get up to 5% profit of the amount of cryptocurrency on their account annually.
Apart from the above, Coinbase allows for making a certain profit of participating in educational programs. For the completion of each stage of learning, the user is rewarded by $6 in the Tezos. The fact that the exchange actively attracts users, offering various opportunities for making money, is positive for the Tezos as well.
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.