Tezos pushes against a major resistance in recent price surge
- Tezos (XTZ), the 10th largest crypto by market cap, continues to see a strong price increase.
- According to recent data, XTZ is trying to break one of its strongest resistances, at $2.70.
- Analysts believe that this is a consequence of Coinbase's introduction of staking, and that XTZ might surge by another 40% if the resistance falls.
Tezos, the 10th largest cryptocurrency by market cap, recently started performing very strongly, particularly in late 2019 and early 2020. Considering that the coin’s performance started to improve soon after Coinbase‘s introduction of pool staking, many assume that this is the reason why Tezos is seeing an increase in use, market cap, and price.
Since Coinbase’s pool staking offers over 5% rewards for its users, many have started purchasing Tezos in greater amounts. The buying pressure increased demand, and eventually, XTZ price surged. While analysts believe that XTZ uptrend is still far from over, many are interested to see just how far up the coin can go. Some predictions say that it could, in theory, climb up by 40% before it hits a strong supply zone.
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At the time of writing, the XTZ price sits at $2.62, after it grew by 11.93% in the last 24 hours. The coin’s market cap currently sits at $1.82 billion. The coin has previously seen a strong resistance at $2.70, which pushed its price back down after it attempted to breach it. However, the coin appears to be ready to make another attempt at this level and is currently gathering strength to do just that.
Where will XTZ go next?
This has been one of the strongest resistances that Tezos has faced in its history, and the coin already attempted to breach it three times in 2019. A crypto trader known on Twitter as Bagsy believes that the ‘fourth time is the charm,’ and that Tezos will overcome this resistance eventually.
The biggest question right now is whether or not XTZ can break through this level. If it manages to do so, analysts expect that its surge would continue, possibly until it hits $3.66, which is its next supply zone.
The same trader, Bugsy, spoke of this as well, revealing that this level is his USD target if XTZ breaks the resistance at $2.70.