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While the cryptocurrency market saw a significant price increase over the weekend, it was quickly followed by a series of corrections, with BTC falling to $52,000 from over $60,000. However, as of press time, some recovery was underway, with altcoins such as Tezos following BTC’s lead and registering spurts of growth.
XTZ, which has a market capitalisation of $3.319 billion, was priced at $4.37 at press time, with the alt seeing some selling pressure on the charts.
Tezos six-hour chart
Tezos’ six-hour chart showed the market falling in a descending channel from $4.63 to $3.79. However, it also showed how a bullish change from the market’s traders forced the price out of this trend, with the alt soon following.
In reality, XTZ increased by 20% in 12 hours, reaching $4.57 on the charts. Tezos retraced after reaching a resistance level at this stage.
At the time of publishing, the price of XTZ was restricted between $4.23 and $4.57, and it could continue to pass along this price range in the near future.
After a time of low volatility that saw the price of XTZ sloping down the tables, the unexpected spike in price gave the crypto’s price volatility a shot in the arm. The aforementioned hike pulled out the market’s bears and gave way to the bulls, as the 50-day moving average, which was serving as a resistance, was below the candlesticks at press time.
Furthermore, the Signal line has been slipping under the market bars, indicating that the price is rising. Meanwhile, as the Relative Strength Index approached overbought territory, the arrival of more sellers moved it back towards equilibrium.
It is worth noting, though, that the market’s sudden movement caused momentum to grow as well. The Amazing Oscillator, for example, was stressing this boost in energy as it shifted to the positive side.
The traders’ push and pull in the market can continue, contributing to price stabilisation within the press time frame.
At press time, the XTZ market was heading horizontally, and it could continue to do so as traders squabble. The Bitcoin market has already experienced a slight correction, and its association with alts which cause the whole market to follow suit. As a result, XTZ will continue to stabilise until the BTC market sees a boom.