Tezos (XTZ) has come from far from its former status as a ghost platform. Nevertheless, the 37th largest crypto by value faces intense competition from projects dominating the headlines. Still, Tezos has experienced lucrative price actions that fearless market players can follow.
XTZ 1Day Timeframe – Rallies
While writing this content, XTZ changed hands near $2.04, following a 2.82% decline within the past day. However, the crypto is 13.02% up over the past week. Traders noted the move as surging volumes confirmed, revealing biases never witnessed since mid-May. Rather than dip-buying, traders seemed fascinated by XTZ’s rally.
So, does Tezos exhibit a bearish or bullish signal? TradingView reveals Tezos’ Bollinger Bands began narrowing, proving somewhat less volatility in the foreseeable future. Moreover, XTZ was yet to confirm whether it’s heading to oversold or overbought conditions.
Furthermore, the Awesome Oscillator flashed successive green bars beneath the zero-line, though a red candlestick developed at this publication. That indicated bullish momentum on the altcoin.
What Does That Conjure to You?
Formerly notorious tokens trigger some excitement whenever they start to recover. For instance, Santiment stats indicated Tezos’ weighted sentiment crossed to the positive region at this publication but isn’t euphoric yet. That presents a safe sign for the alternative token.
Meanwhile, the project required community backing to enhance acceptance and gas the next upsurge. Does XTZ boast what it takes for that? The token’s social dominance index plunged (at this publication), following a significant uptick. Moreover, the metric has declined since October last year. That isn’t a lucrative signal for user engagement.
Lastly, remember to consider Tezos’ TVL. The total value locked rank of 42 plus $62.83 million locked had XTZ increasing by 9.08 within the previous week. Nevertheless, the project’s total value locked dropped 18.95% over the past month.
While publishing this content, XTZ traded at $2.03, exhibiting downside notions. However, buyers control the marketplace. Bitcoin remained in the bearish zone, losing 0.48% within the past day to $29,613. Bitcoin needs a massive upsurge past $30K to support steady bullish tendencies in the crypto world in the near term.
Editorial credit: Piotr Swat / shutterstock.com