Tezos [XTZ] prices spike on the scent of Mainnet launch, surpasses NEM [NEM]
The crypto market is exhibiting a bullish trend with Bitcoin and most altcoins exchanging hands in green. Ethereum [ETH] seems to be consolidating its recent gains and features a solid gain of 4%. Ethereum is exhibiting the most resiliency among the major altcoins and also records the most gains for the day. Tezos [XTZ], at the time of writing, is exhibiting a 21% growth over the past 24 hours. This huge spike in prices is in the wake of its upcoming mainnet launch.
Tezos has confirmed that the official launch of its complete Tezos network will take place on Monday in a Twitter post. The news brought a buyer storm to the market and the coin soared above 20% over the past 24 hours. Tezos seems to aim towards its past week gains of 26% in just a day. The coin has beat NEM [NEM] on the Coinmarketcap to be on the 17th position with a market cap of over $1billion.
Tezos [XTZ] Technical analysis
Tezos prices skyrocketed to exhibit gains above 20% and can still be seen spiking under the influence of a buyer storm. The prices found solid support at $1.31 and started rising and reached the intraday high at $1.66. A second support level can be found at $1.53. The current resistance level is set at $1.60 and the prices are eyeing the $1.70 handle. The coin is currently trading at $1.58 and has crossed $1 billion market cap.
The loosely regulated cryptocurrency industry presents a highly volatile market. The prices can soar at the heels of a positive news and will crash at the hint of a negative news. XTZ is currently on an uptrend, however, the stability of this uptrend can only be determined after the mainnet launch is completed.
See Also: Tezos Mainnet to launch on Monday
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