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Tezos Price Analysis: 24 January

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Disclaimer: The findings of the following analysis is the sole opinion of the writer and should not be taken as investment advice

The cryptocurrency market has been forming crests and troughs along the way. As the value of Bitcoin has been dropping from $42k and this trend has been followed by the altcoin markets too. The value of Tezos has been moving like a wave too, witnessing momentary highs and lows.

Despite the rising price of the cryptocurrency, the coin may see a dip in the near future and opens up an opportunity to short the coin. At the time of writing XTZ’s price was $3.20.

Tezos 4-hour chart

Source: XTZUSD on TradingView

In the above chart of Tezos, its price was surging and pushed through all the immediate resistances visible. After the value dipped under $2.45, the price turned around and started rising with increased bullish momentum.

The price is consolidating above the support at $3.11 and the traders may be getting prepared to short their positions.

Reasoning

The 50 moving average was indicating this surge, as it was surfing under the price bars. Meanwhile, the volatility in the market had increased and it was reflected in the divergence of the Bollinger bands. Whereas the signal line was also under the price bars noting the price moving upwards.

The Relative Strength Index was noting the value of the indicator rising from the equilibrium zone. As the price of the digital asset has been moving above the support, there are chances for the price to witness a fall.

The Awesome Oscillator has been noting a fall in momentum. As the selling pressure was introduced in the market, the momentum was also reducing, presenting a chance for the trend to change.

Crucial Levels to look out for

Entry: $3.11
Stop-Loss: $3.27
Take-Profit: $2.86
Risk-to-Reward: 1.48

Conclusion

The Tezos market has been moving sideways and selling pressure maybe building. As the pressure builds there might be a sell-off visible and traders may benefit from the falling price of the digital asset.

Source: https://ambcrypto.com/tezos-price-analysis-24-january/

Amb Crypto

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Amb Crypto

Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Amb Crypto

Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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