Trades Higher Amid Increasing Adoption

XTZ Price Analysis: Trades Higher Amid Increasing Adoption, Mayor of Reno Proposes NFT Offering on Tezos

The Momentum Indicators Are Confirming the Recent Bullish Movement

  • Tezos is trading higher after the declines to lows of $3.26 on June 5
  • Tezos was exchanging hands at $4.11, up 17.11% in the last 24 hours and 19.19% weekly
  • Hillary Schieve, the mayor of Reno, Nevada bets big on blockchain

Most cryptocurrencies are in green on Monday following last week’s market dip. Tezos is trading higher after the declines to lows of $3.26 on June 5. At the time of writing, Tezos was exchanging hands at $4.11, up 17.11% in the last 24 hours and 19.19% weekly. Tezos has a present market cap of $2.2 billion, and $326 million in trade volume over the past 24 hours. On June 4, Tezos indicated in a tweet that the Hicetnunc2000, built on its blockchain, surpassed Opensea as the biggest platform for selling NFTs, in terms of daily active users. In late may, Tezos became the official blockchain for Red Bull Racing Honda, a Formula One team, who will now build an NFTs platform for fan interaction on Tezos. In another news, Hillary Schieve, the mayor of Reno, Nevada bets big on Blockchain while proposing an NFT offering of the Space Whale sculpture near City Hall on Tezos.

Key Levels
Resistance Levels:$8.41, $6.0, $4.67
Support Levels: $3.26, $2.42, $1.60

XTZ/USD Daily Chart: Ranging

XTZ/USD Daily Chart

Tezos (XTZ) is recording its second day of gains after a failed attempt to break below the $3.26 support on June 6. The XTZ/USD pair has edged above the MA 200 at $3.86 to record intraday highs of $4.14 on June 7. The RSI is depicting the pickup in positive momentum, nearing the 50 neutral marks. In case of a continuation of the rebound and a successful climb above the immediate barrier at $4.17, the XTZ/USD pair could flirt with the $4.53 ahead of the MA 50 currently at $4.94.

Another step higher could enable the pair to reach the $7.33 barrier before attempting the May 7 all-time highs of $8.41. A move lower could challenge the MA 200 support level at $3.86 again in the alternative scenario. below this, the $3.26and $2.90 support levels could attract traders’ attention before moving lower until the $2.42 level, registered on May 23.

XTZ/USD 4-Hour Chart: Ranging

XTZ/USD 4-Hour Chart

Tezos edged higher again after rebounding off the MA 50 ($3.55) on June 6 and is approaching the MA 200, which is acting as a strong barrier around $4.79. The momentum indicators are confirming the recent bullish movement with the RSI hovering near the 70 thresholds. A successful attempt above the $4.17 immediate barrier could take the pair towards the MA 200 at $4.79, before flirting with the $7.33 handle before the $8.41 all-time highs achieved in May.

On the flip side, in case of ease below the MA 50 at $3.55, Tezos price could stop at the $3.26 low ahead of the $3 psychological level. Should the XTZ/USD pair resume negative momentum, the base created by the $2.42 level could attract traders’ attention. All in all, XTZ’s price needs a strong push higher to create further gains above $4.17 in the very short term.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Published By : Krypto Money

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