Tanya Abrosimova
Independent Analyst
- Tezos may not be ready for a trip to new highs.
- Bitfinex improved margin trading conditions for XTZ pairs.
Tezos, now the 10th largest digital asset with the current market value of $2.3 billion, has gained over 9% in recent 24 hours to trade at $3.30 by press time. The coin has been very volatile lately as the cryptocurrency market cannot decide on the direction.
XTZ/USD: Technical picture points to an extended correction
XTZ/USD hit the low of $2.70 on Monday, but fresh buying interest at low levels helped to push it back above critical $3.00.
On the intraday charts, the RSI has reversed to the downside, while on a daily chart RSI stays flat in the overbought territory. This setup implies more sell-off within the natural correction pattern with the aim at $2.60 (SMA100 4-hour). This area is likely to stop the bears; however, if it is passed, psychological $2.00 reinforced by SMA200 4-hour will come into focus. A sustainable move below $2.00 will negate a positive scenario and bring the bears back in-game.
On the upside, the initial barrier is created by the upper line of 4-hour Bollinger Band at $3.45, closely followed by the recent high at $3.59. The ultimate bullish target is $4.00.
Bitfinex updates margin trading for XTZ
Meanwhile, a large cryptocurrency exchange Bitfinex lowered initial equity for Tezos pairs (XTZ/USD, XTZ/BTC) from 50% to 30% and increased the leverage from x2 to x3.3. The platform claims that this move will help to improve XTZ trader experience and stimulate trading activity. Paolo Ardonio, the head of Bitfinex, commented:
Tezos is becoming a well established and liquid market on Bitfinex. Time to switch gears and allow increased leverage to 3.3x!
New trading conditions are effective as of February 17.
XTZ/USD 4-hour chart
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