Tezos’ Powerful Uptrend Remains Viable Amid Staking Launches — Price Analysis

  • Short term trend: Still correcting down from the last surge.
  • Long term trend: Possible continuation of the uptrend.

Tezos (XTZ), one of the oldest popular altcoins around, has recently got a huge bump in attention in the crypto markets after both Coinbase and Binance announced Tezos staking on-exchange. This has caused the crypto to double in value within a month (versus Bitcoin), and we consider here if this trend is likely to continue.

The first thing we’ll do is pull up a high timeframe 3-day Tezos/Bitcoin chart to get a longer sense of price action. The first item of note is the current rejection line, at about 19,450 satoshis. This level has served as an inflection point earlier in 2019, and as a capitulation point during the 2018 bear market.

Getting above 19,450 would be importantXTZ chart by TradingView

A rejection here, on the most recent surge, was not surprising, and it will be important if Tezos can close above this level on a meaningful timeframe like the daily.

Other things to note here are that the RSI is holding well just under overbought conditions, after going deep into overbought territory on the last surge. The histogram looks like its contract is down at a flat rate, rather than accelerating to the downside. These are promising indications that bullish sentiment may not be over.

Moving closer, to the daily, we continue to see mostly bullish signs. We see first that the 8 EMA continues to be held, within a previous support zone. Moreover, the last two price surges saw no dip in RSI strength, indicating continued bullish sentiment. The histogram has dipped into negative territory, but is looking like it wants to contract back toward the centerline for the most part.

Mostly bullish hereXTZ chart by TradingView

Volume, however, did drop between the last two surges, which is not ideal for the bullish picture. We would like to see Tezos continue to hold the 8 EMA to remain bullish, until the 21 catches up with it.

Finally, trading against USD, we see a less bullish picture. Here, there is a clear bear divergence on the RSI, and even less volume than the BTC pairing for the most recent price surge. The histogram here is more jagged than the XTZ/BTC pairing, and doesn’t seem to be able to produce a clear contraction up to swing momentum back to the bullish side.

Less bullish hereXTZ chart by TradingView

We should watch the 21 EMA here, to see if it continues pushing price up toward previous resistance (red band). If it falls out, Tezos will test support again around $1.10.

Overall, Tezos is somewhat interesting. It’s an older altcoin, and the BTC chart looks like it could continue with another leg up. The Tezos/USD pairing is less rosy, however, with visible signs of weakness. Even on this chart, though, price is holding so far, and we should continue to watch it if it continues to hold the 21 EMA.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com

Coinbase, EOS Community Clash Over Supposed ‘Degraded Performance’

Francisco Memoria

The San Francisco-based cryptocurrency exchange Coinbase has been clashing with the EOS community on social media over supposed “degraded performance” the EOS network has been suffering.

According to a tweet published by one of Coinbase’s official accounts, the EOS network is experiencing “degraded performance levels” and as a result EOS sends have been disabled, while receives may be delayed. Coinbase’s status page shows it has been seeing degraded performance on the network for four days.

In February 17, Coinbase also noted there were delays in EOS sends/receives as it was working “rough a backlog of outgoing EOS transactions.” Responding to Coinbase EOS New York, a major EOS block producer, claimed the network was fully functional and that the problem came from the cryptocurrency exchange itself.

On Reddit, EOS New York wrote that the “network is operating fine and Coinbase is shifting blame away from their internal infrastructure problems.” It added no other entity reported issues and that instead the exchange could reach out to block producers for free help.

EOS Nation, another major EOS block producer, responded to the exhcnage saying the network did face some hiccups but is nevertheless “extremely reliable.”

Some speculate the EOS network may still be facing congestion from time to time over the controversial EIDOS airdrop, that put the network into a “congestion mode” late last year and forced Coinbase to raise the amount of staked CPU on its wallets to process transactions.

Some believe the EIDOS airdrop is being run to make EOS’s shortcomings stand out and incentivize users to use other blockchains using the EOSIO software, created by the company Block.one. Voice, the social network the company is set to launch ,is for example launching on a “purpose-made EOSIO blockchain.”

Featured Image Credit: Photo via Pixabay.com