Tanya Abrosimova
Independent Analyst
- Tezos (XTZ) remains the best performing coin out of top-20.
- The coin has gained nearly 13% in recent 24 hours.
Tezos (XTZ) has been growing strongly lately.The 16h digital asset with the current market value of $865 million, Tesoz has gained over 12% in recent 24 hours to become the best-performing coin out of top-20. At the time of writing, XTZ/USD is changing hands at $1.34, down from an intraday high at $1.37.
Tezos average daily trading volume is registered at $8 million, which is higher that the long-term figures. It is most actively traded against BTC on BitMax, while Kraken leads in terms of aggregate trading volumes denominated in USD.
Looking technically, a move above $1.30 has improved the technical picture and unleashed strong bullish potential. The coin jumped above several technical levels and entered an uncharted territory as the last time it was trading that high in November 2018.
As no fundamental reasons are readily available to explain the move, one may suggest that the rally is backed by speculations and technical factors.
Considering a strong upside move, the coins is massively overbought and vulnerable to the downside correction. However, if it stays above $1.30, the upside momentum is likely to be resumed.
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