Tanya Abrosimova
Independent Analyst
- Kraken will activate TEzos staking support on Friday.
- XTZ/USD creates a double top on the 4-hour chart.
Tezos (XTZ) bumped into a psychological $1.60 on Wednesday and retreated to $1.5395 by the time of writing. The coin now takes 11th place in the global cryptocurrency rating, with the current market value of 1 billion and an average daily trading volume of $69 million. Notably, the coin has been rather resilient despite the technical correction that took it all the way down from the recent peak of $1.6513 (December 9) to $1.3801 (December 10).
We have already reported that Binance and Ledger added support for XTZ staking. This news created a positive bias for the coin and helped develop sustainable bullish momentum. On Wednesday, another notable cryptocurrency exchange, Kraken, confirmed the upcoming staking support for the coin. According to the announcement, the staking service for the coin will go live on Friday, December 13. Holders will be able to earn 6% of annual return with payouts twice a week.
Kraken is proud to announce the launch of our new, best-in-class staking service. Starting Friday, December 13, you can leverage Proof of Stake (POS) holdings to safeguard crypto networks and obtain financial rewards.
Tezos, the technical picture
Looking technically, XTZ/USD has created a lower top on 4-hour timeframe, which may be the evidence of the increasing bearish pressure. The first support is created by SMA50 (Simple Moving Average) 4-hour at $1.4270. Once it is cleared, the sell-off may be extended towards $.4170 ( the lower line of 4-hour Bollinger Band) and $1.4000. This psychological barrier is regarded as pivotal for XTZ as a sustainable move lower would confirm the double top formation and create a strong bearish impulse for the coin. If this is the case, the price may reverse the December gains ant return to SMA200 4-hour eat $1.2700.
On the upside, we will need to see a sustainable move above the intraday high of $1.6000 for the upside to gain traction. Once this happens, the coin will aim for $1.6250 ( the upper line of 4-hour Bollinger Band) with the next target at $1.6513 (this week's high) and, ultimately, $1.70.
However, considering that the intraday RSI (Relative Strength Index) points downwards, the bearish scenario looks more viable.
XTZ/USD, 4-hour chart
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