Tezos Technical Analysis: XTZ surges following September slump
The crypto market was boosted this week when its total market value broke the $220 billion mark, following a recent slump and the surprising stability of Bitcoin [BTC]. Among the major coins, there seems to be a meager fluctuation but certain standouts are present further down the ladder. Tezos [XTZ], placed on the 18th spot on the crypto charts by market cap, has achieved a significant increase of over 6% in the past few hours.
One of the lead developers of tezos.blue, Andreas Hassman, spoke to Bitsonline and explained the future prospects of the crypto. “tezos.blue is not about a wallet, it’s about enabling mainstream developers to connect to the blockchain and bring useful products to the space,” he said.
The wallet tezos.blue was created to be a ‘showcase app’ - one that would create an ecosystem of technical professionals from around the world. “Decentralized structures can emerge in the society if these tools end up being helpful for the ecosystem. And this can have an effect in different areas, not only increasing the number of user per node,” said Hassman.
Future prospects of the wallet include a new style to make tezos.blue “more resilient” and a security audit scheduled for later this year to further secure its safety features to protect customers.
With a growth-oriented approach embodied at Tezos, Hassman mentioned that there will be new standards set to allow Tezos’ products to grow.
The coin had breached the key support level, noted at $1.39. The key resistance level was found at $1.46, following the plunge in XTZ prices late last month. The MACD shows that XTZ is currently trading with bullish momentum. The 100 EMA line indicates that XTZ is in an uptrend. The hourly RSI indicator is placed at 55.76, which suggests increased buying.
The significant trading range exhibited by the cryptocurrency is $1.36-$1.42 and the current price is on the higher end of the scale. At press time, XTZ had edged 6.4% higher against the U.S. dollar and is valued at $1.40.
The virtual currency had risen 7.2% against Bitcoin [BTC] and currently, one XTZ is valued at around 0.002136 BTC.
On Monday at 1000 UTC, XTZ's market cap was just under $800 million and it rose by 7.6% in less than 24 hours to reach $856 million. At press time, the market cap fell by 0.47% to $852.5 million.
Tezos Latest News
- The Tezos Mainnet was launched in mid-September after a brief and smooth betanet period, which was purely for testing purposes.
- PwC, the audit giant has been hired by Tezos as an external auditor, this move was taken to distance the foundation from a slew of controversies since their ICO in 2017.
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