Tezos (XTZ) hits a new ATH at $4

Tezos (XTZ) hits a new ATH at $4
Written by:
Ali Raza
11th August, 10:55
  • Tezos price hit a new ATH twice this year.
  • The first time its price reached a new high was in February.
  • The second time was earlier today, as the coin hit $4.40.

Tezos, a multi-purpose platform that supports dApps and smart contracts, recently saw a major price boost. The coin was quick to join a market-wide rally, and this allowed it not only to surge quite high, but also to hit a new all-time high (ATH).

XTZ in 2020

In the first days of 2020, XTZ was rather stable, although, with a low price that sat at around $1.30. However, in mid-January, the price started seeing growth. It was slow at first, and it truly picked up the pace in the first days of February.

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By mid-February, XTZ soared all the way up to $3.85, which was the highest point the coin has reached in the past. The surge was followed by a correction, as it is always the case, and XTZ dropped to $2.75, before attempting another surge up.

Unfortunately, it did not manage to go far before the mid-March drop hit, causing it to sink all the way back to where it started.

Tezos recovery and its second ATH in 2020

Following the drop to the bottom, XTZ started growing again, rather quicky. Many recognized a good opportunity and decided to buy Tezos (XTZ) while its price was still low. The coin kept going up until early May, when it hit a resistance at $3 — a level that will hold it down for months.

The resistance held from May 1st until only a week ago, when XTZ finally breached it on August 2nd. There were several minor breaches in between, although the price was quickly rejected and sent back down, below this level.

However, XTZ did not go far, as it immediately encountered another resistance around $3.20, although this one only managed to hold it for a few days. On August 7th, the resistance rejected XTZ price, sending it back to $3. But, as soon as Tezos reached this support, it bounced back up, breaching the $3,20 level, and surging up past $4.

XTZ hit its new ATH earlier today, as it approached $4.40, although this level seemingly rejected it yet again, and its price is currently dropping to $4.0

Conclusion

XTZ saw quite a strong recovery after the March crash, and while it was held back by a strong resistance, its recent breach allowed it to surge to a new ATH.

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