Tezos Price Tries to Turn Bullish Despite Bleak Trading Volume

February 15, 2019

There are some interesting trends shaping up in the cryptocurrency world right now. Even though there is a good chance some markets will continue to dwindle over the coming days, others are trying to move up in quick succession. In the case of the Tezos price, the current momentum is pretty strong. This comes as a big surprise, considering this market looked rather weak just a few days ago.

Tezos Price Mounts a Bullish Comeback

Even though Bitcoin and most top markets are still trying to decide upon their future direction, it would appear other projects aren’t keen to wait. In fact, the Tezos price shows there is a lot of positivity brewing behind the scenes. To be more specific, there is positivity where the price is concerned, although it remains a bit unclear how long such a trend can last under these circumstances.

Over the past few hours, the value of XTZ has increased by over 8%. That is a clear bullish signal, although there is no real indication this trend will continue for very long. Its overall trading volume looks rather bleak with just $2.5m in trades. Other altcoins usually do well with that kind of volume, but in the case of Tezos, there are seemingly a fair few bag holders. The current price of $0.43 might trigger some cashouts in quick succession.

On social media, there are a fair few interesting discussions pertaining to Tezos right now. More specifically, Leandr23rf is convinced things will only improve from here on out. This user expects Tezos to enter the market cap top 10 in the very near future. Doing so would require a sixfold increase in price per XTZ, which may not necessarily be plausible anytime soon.

There are also some claims regarding fake Tezos trading volume on UEX. Although such claims are not exactly uncommon, it is always a bit worrisome when they pertain to specific currencies or platforms. While it is seemingly confirmed this exchange has fake XTZ trading volume, although that doesn’t necessarily mean it will impact the price in any official capacity right away.

When looking at the actual XTZ price chart, it quickly becomes evident this daily chart may not offer much hope in terms of further gains later today. While there is a chance the momentum has not peaked yet, one has to keep in mind there will undoubtedly be some form correction kicking in. For the time being, users can enjoy this spell of positive momentum while it lasts. Bitcoin still has to break out again before any altcoin can officially solidify its gains.

With Bitcoin still on rather shaky legs, it will become pretty difficult for any other alternative currency to maintain gains at this time. While Tezos is usually not linked to Bitcoin in a significant manner, there will always be some form of correlation users need to take into account at all times. Bitcoin dictates the pace of all other projects and markets,  and Terzos will not be an exception in that regard whatsoever.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

About The Author

Jdebunt

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.