Tezos recovered from the sell-off as Ledger adds XTZ staking support

Ledger added staking support for Tezos coins.
XTZ recovered Tuesday's losses amid positive fundamental news.

Tanya Abrosimova Independent Analyst

The developer of hardware cryptocurrency wallet, Ledger, announced staking support for Tezos (XTZ). The functionality has been added to the software release Ledger Live.

The press release says:

As we look to continuously improve the Ledger experience, today we’re excited to announce that our latest version of the application, for both desktop and mobile, now supports Tezos (XTZ). With this addition, Ledger Live users can now grow their assets through staking Tezos as well.

The option is available both for mobile and desktop versions.

Notably, the cryptocurrency exchange Binance recently added support for Tezos staking with an annual rate of 6-7%.

The news served as a positive trigger for Tezos (XTZ) as the coin staged a strong recovery after a sharp sell-off on Tuesday. XTZ/USD hit $1.3800. The coin lost over 16% of its value from December 9 peak to low. At the time of writing, XTZ/USD is changing hands at $1.5130, having gained nearly 8% since the beginning of the day.

Tezos, the technical picture

XTZ/USD retreated from the intraday high of $1.5657. The upper line of the daily Bollinger Band located on the approach to the above-said level served as a local resistance that triggered the sell-off. However, despite the setback, the coin retains positive bias as long as it stays above $1.3450 (the middle line of 4-hour Bollinger Band). A sustainable move below this barrier may increase the bearish pressure and push the price towards SMA50 (Simple Moving Average) daily currently at $1.1545. This area coincides with the lower boundary of the previous consolidation channel.

On the upside, we will need to see a sustainable move above the intraday high for the upside to gain traction. Once this happens the coin will aim for $1.60 with the next target at $1.6513 (this week's high) and, ultimately, $1.70.

However, considering that the daily RSI (Relative Strength Index) stays flat close to the overbought territory, an aggressive bullish scenario looks less likely at this stage.