Tezos (XTZ) whopping 30% spike in the wake of Coinbase secure staking support
- Coinbase allows Tezos users to stake their XTX tokens and earn 5% in rewards.
- Tezos price seeks support above $1.00 even as the RSI retreats from the overbought.
The leading cryptocurrency exchange in the United States, Coinbase announced on Wednesday that it has started offering “easy, secure way to earn staking rewards on Tezos.” The feature is open to all the eligible US customers. The support will see users of Tezos earn rewards for staking their assets within the network.
At the moment staking XTZ with Coinbase will earn users 5% for a period ranging between 35 and 40 days (holding period). The rewards are processed every three days. Moreover, staking on Coinbase gives users control and access to their assets while ensuring the safety of the same digital assets.
XTZ/USD update
Tezos community responded well to the above news. The price of XTZ shot up by over 30% from levels just above $0.9 to highs of $1.2522. Tezos has since adjusted to $1.1524 at the time of writing.
The RSI is also retreating from levels around 100 amid growing reversal action. The MACD in the 4-hour range shows that the buyers still have a lot of influence. A support above $1.00 will go a long way in placing XTZ in a trajectory towards $2.0.
XTZ/USD 4-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
