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Price Analysis of XTZ: The price surge up high as a result of Coinbase’s announcement

Cryptocurrency

The Ethereum -like blockchain- Tezos’ native token- XTZ saw a major surge after the announcement by Coinbase. The price of the token at the press time was $1.15 with a market cap of  $761 million. The 24-hour trading volume of the token was around $61.84 million. After the announcement, Coinbase held the first position for trading about $13.484 million of XTZ via the XTZ / USD pair.

4 Hour Chart

Source: XTZ / USD TradingView

The short term chart exhibited a major uptrend after the announcement. It extended from $0.9289 to $1.2439. The resistance was at $0.8924 and the support was held at $0.8485.

The Bollinger Bands after traveling parallel for quite some time had begun to diverge with a wide opening indicating that the coins were increasing its volatility.

The Awesome Oscillator showed that the coin was entering the bearish market with great momentum.

Relative Strength Index: The line had breached the 50-line and set past the overbought section indicating that the buying pressure was increasing rapidly.

1 Day Chart

Source: XTZ / USD TradingView

The long term chart exhibited a downtrend extending from $ to $ and an uptrend from $ to $. The resistance was at $ and the support was held at $.

Parabolic SAR: The dotted line was going up hinting that the coin was under the bullish market.

Chaikin Money Flow: The CMF line was right above the zero line indicating that the inflow of the capital was higher than the outflow putting the coin in the bullish market.

The MACD line was clearly above the signal line suggesting that the coin was under a bullish trend.

Conclusion

All the indicators in the short term chart and the long term chart suggested that the coin was experiencing a bullish sentiment maybe as a result of the announcement by Coinbase.

 

 

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.