After rallying 200% since Black Thursday, the Tezos (XTZ) fell 5.70%. Tezos price leads recovery after advancing 64% from the mid-March lows around $1.00. But is the Tezos’s rally to a new all-time high over?
27 April, 2020 | AtoZ Markets – Tezos is one of the few cryptocurrencies that has managed to shine in these times of economic uncertainty. Indeed, several days of consecutive gains have seen XTZ catalyze calls to an impending altseason. Since reaching its lowest level in 2020, at $ 0.90, on March 12, the Tezos (XTZ) has been in full swing, gaining 200%. Tezos is approaching its highest level of all time, at $ 3.97.
Generally, such large moves begin to show signs of excessive extension when the asset is overbought, and traders end up deciding to take profits. For now, the Tezos seem to be correcting a bit, as the price has dropped 5.70% from its highest monthly level at $ 2.90.
Tezos price is trading above the moving averages, with the 50-day SMA currently in line to offer support at $ 1.90 and the 200-day SMA at $ 1.70. Considering other technical indicators such as the RSI, the Tezos has started to fall into the hands of the bears.
For example, the RSI is withdrawing from the overbought region. However, as long as bullish interest remains among investors and the community, the Tezos is likely to contain the reversal above $ 2.50. Consolidation, above this support area, will be the springboard for gains over $ 3.00 and will keep attention at $ 4.00.
Tezos Outranks Bitcoin
Weiss Crypto Ratings announced its list of the best cryptocurrency projects. And in another victory for the Tezos, it ranks as Weiss’ first choice for “technology”, successfully beating Bitcoin. It languishes in eleventh place. However, despite the methodology used to build the list, for the foreseeable future, Bitcoin remains the number one choice for the most part.
The massive gains from XTZ make Tezos one of the best performers this year. Tezos fans certainly keep singing the praises of the tenth largest cryptocurrency by market capitalization. This level of community support is apparent in the percentage of Tezos staked. According to stakingrewards.com, almost 79% of Tezos staked at present. This makes it the most staked token in the crypto industry. It is regardless of its rather modest reward percentage compare to the competition.
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