Tezos (XTZ) has extended its correction from the recent highs. Here are the important support and resistance levels

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Feb 27, 2021
  • Grayscale Investments announced that it has Tezos (XTZ) on the list of potential investments
  • Tezos (XTZ) has extended its correction from the recent highs registered in the second week of February
  • If the price falls below $3, it would be a firm "sell" signal and possibly a trend reversal sign

Tezos (XTZ) has advanced from $2.76 above $5.5 since the beginning of February, and the current price stands around $3.56. The cryptocurrency market is losing its value this trading week, and XTZ also remains under pressure.

Fundamental analysis: Grayscale Investments announced that it has Tezos (XTZ) on the list of potential investments

Tezos (XTZ) has extended its correction from the recent highs registered in the second week of February, and technically looking, the price of this cryptocurrency could fall even more in the upcoming days. Tezos is an open-source platform for assets and applications, and the main characteristic of this platform are smart-contract safety, long-term upgradability, and open participation.

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Tezos tokens have the symbol XTZ and to interact with this blockchain, you should use Tezos tokens. The modular architecture of this blockchain allows adopting new technological innovations without sacrificing community consensus, and some estimates say that Tezos tokens can unseat Ethereum (ETH) as the top challenger to Bitcoin.

One of the most important participants in the cryptocurrency market, Grayscale Investments, has announced this week that it is eyeing new altcoins for potential investments. The firm is seeking new ways to bring value to its customers, and according to the official press release, Tezos (XTZ) has a place on this investment list.

“As a firm that has been on the vanguard of connecting the legacy financial system with the new, digital currency-driven financial system, we view it as our responsibility to introduce investors to more diversity in this space,” said Michael Sonnenshein, CEO of Grayscale.

My opinion is that this is a very risky cryptocurrency, and if you decide to trade Tezos (XTZ) this March, you should always use a “stop-loss” order.

Technical analysis: Tezos (XTZ) has extended its correction from the recent highs

Data source: tradingview.com

This crypto has extended its correction from the recent highs registered in the second week of February, but if the price jumps again above $4, it would be a signal to buy Tezos (XTZ). The next price target could be around $4.5 or even $5; still, if the price falls below $3, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

Tezos (XTZ) has extended its correction from the recent highs registered in the second week of February, and technically looking, the price of this cryptocurrency could fall even more in the upcoming days. The positive news is that Grayscale Investments announced this week that it has Tezos (XTZ) on the list of potential investments.

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