Tezos Spikes 8% As Binance Announces Zero-Fee XTZ Staking

by
Yaz Sheikh
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• Tezos is back on the bullish note after increasing with 8% and attempts to break the November highs.
• The cryptocurrency is holding strong above 0.00016 BTC against BTC.
• The move-up comes as Binance announced that its users can now stake XTZ and receive profits. 

Key Support & Resistance Levels

XTZ/USD

Support:  $1.23, $1.17, $1.12, and $1.00.

Resistance: $1.34, $1.47, and  $1.56.

XTZ/BTC:

Support: 0.0001685 BTC, 0.000158 BTC, 0.000138 BTC, and 0.000127 BTC.

Resistance:  0.0001828 BTC, 0.000195 BTC, and 0.000206 BTC.

Since our last analysis, Tezos attempted to climb higher but met resistance at the $1.34 level which caused it to fall into the $1.23 support level as December started. XTZ has since bounced and it now trades at a price of around $1.26.

This latest move-up may have been initiated by the recent announcement from Binance that they will support zero-fee Tezos staking. This means that any Binance user that has Tezos in their account will automatically receive staking rewards every day based on live snapshots taken from Binance. Interestingly enough, the rewards will be distributed every month. 

It is essential to highlight the fact that the 100-days EMA is about to cross the 200-days EMA, which will be a very strong bullish signal for Tezos if the EMA’s can expand away from each other after the crossover. 

Tezos Short Term Price Prediction

In the short term, XTZ looks bullish. For this trend to continue, we will need to see Tezos rising above the $1.40 resistance level.

Initial resistance toward the upside is expected in the long term falling trend line (at around $1.34). If the buyers can penetrate above this, higher resistance is found at $1.47 (1.272 Fib Extension). Beyond that, resistance is expected at $1.68 (long term bearish .236 Fib Retracement).

Alternatively, if the sellers regroup and push the market lower, we can expect immediate support at $1.23. Beneath this, added support is found at $1.10, where lies the 100-days and 200-days EMAs. The final level of support to highlight lies at $1.00 (short term .618 Fib Retracement).

The RSI has recently bounced from the 50 level to indicate that the bulls are still holding onto the market momentum at this time. Furthermore, the Stochastic RSI has reached oversold conditions, and a bullish crossover signal should send us further higher.

Against Bitcoin, Tezos has moved sideways above the 0.000168 BTC support level. The cryptocurrency is facing resistance at around 0.00018 BTC and needs to continue above 0.0002 BTC for the bullish run to continue.

Tezos Short Term Price Prediction

If the buyers continue to climb above 0.00018 BTC, we can expect immediate higher resistance at the 0.000195 BTC level (November 2019 highs). If the bullish run drives Tezos higher, added resistance can be found at 0.000206 BTC (bearish .618 Fib Retracement) and 0.00022 BTC.

Alternatively, if the sellers regroup and push the market lower, immediate support can be found at 0.0001685 BTC. Beneath this, support is seen at 0.000158 BTC, 0.000138 BTC, and 0.000127 BTC (short term .618 Fib Retracement).

Similarly, the RSI has rebounded from the 50 level, and the Stochastic RSI is in oversold territory and is primed for a bullish crossover signal, which should send the market higher.