Tezos market update: XTZ/USD defies gravity, $1.20 in focus

• Tezos (XTZ) is the best performing coin out of top-20.
• The coin has gained over 20% in recent 24 hours.

Tezos (XTZ) is the best performing cryptocurrencies out of top-20. In the recent days. Tezos surpassed NEO, Ethereum Classic and Ontology by the market value and took the 16th place in global cryptocurrency rating. At the time of writing, XTZ/USD is changing hands at $1.15 gaining over 18% since this time on Sunday and nearly 22% on a week-on-week basis.

Tezos Foundation updated its charter to improve its governance, however this development can hardly be qualified as a valid bullish catalyst behind the move. The community tends to believe that the upside momentum is created by speculative and technical factors as a sustainable move above $1.00 handle created a strong positive impulse.

Looking technically, the price is supported by $1.00 and $0.9766. This barrier is created by a confluence by 4-hour SMA100 and 23.6% Fibo retracement from the recent upside move. If the price moves below this area, the sell-off is likely to gather pace with the next focus on $0.8600 (38.2% Fibo retracement) and $0.8200 (April, 4 low).

On the upside, we need to see a sustainable move above the intraday high $1.1976 and pivotal $1.20. This development will strengthen the bull’s case and create an environment for further growth towards $1.2570 (the highest level since November, 14, 2018).