- On Monday, Tezos is trading with a bullish bias at the $5.6 level, having soared +2.88% so far.
- A Swiss financial trio has selected the Tezos network of Crypto Finance, Inacta, and InCore Bank.
- Forex trading participants may look for a buy trade above the $5.65 level to the target of $6.099.
On Monday, Tezos is trading with a bullish bias at the $5.6 level, having soared +2.88% so far. The day before, the XTZ/USD closed at $5.56500 after placing a high of $5.58800 and a low of $5.27200. The XTZ/USD continued its bullish momentum for the 3rd consecutive session amid the Tezos environment’s optimism. If you are wondering what to expect and where to buy XTZ? Let’s find out below…
Get FREE Crypto Signals Now![/su_button]Standard Titled DAR-1 Underpins Tezos
A Swiss financial trio has selected the Tezos network, made up of Crypto Finance, Inacta, and InCore Bank. These institutions will use Tezos as their preferred blockchain platform to develop a regulatory-compliant digital financial product via a newly developed token standard titled DAR-1.
All these institutions, along with Tezos, have launched a new standard token called DAR-1. It will allow smart contracts to perform functions needed to support finance. The functions include complying with anti-money laundering regulations, governance handling, and supporting asset management activities.
Tezos has undergone seven successful upgrades.
Tezos has also attracted attention during August due to its self-amending blockchain capability. It upgrades the network on its own without the need to undergo a hard fork.
Since its launch, Tezos has undergone seven successful upgrades, of which three occurred in 2021. The most recent upgrade, named Granda, was launched on 6th August and included a reduction of block time by 50%, from 60 secs to 30 secs. It also included a reduction in gas consumption by smart contracts by an average of 3 to 6 times.
This upgrade attracted not only more customers, but also big institutions, including banks. The increased adoption by big institutions also played an essential role in increasing the price of XTZ/USD. Meanwhile, the rising prices of XTZ/USD could also be attributed to the weakness of the US dollar.
Weakness in the US dollar supports Tezos
The US dollar has been declining for the past six days and has reached its lowest at the 91.95 level in one month. The continuous impact of the coronavirus on the job sector of the country. Furthermore, the job figures are assumed to drive the Fed’s decision regarding tapering asset purchases. However, a dismal job report faded away all the hopes of tapering and weighed on the US dollar. The declining price of the greenback added strength to XTZ/USD as both are negatively correlated.
Tezos Price Prediction- Technical Levels
Support Resistance
5.36200 5.67800
5.15900 5.79100
5.04600 5.99400
Pivot Point: 5.47500
XTZ/USD Crossed Above 50 EMA – Where to Buy Tezos?
Tezos price prediction is bullish as it crossed over the 50 EMA resistance level of $5.65. On the 2 hour timeframe, the XTZ/USD pair has violated a wide trading range of 5.6938 – 5.1206 level.
On the bullish side, the pair is likely to face immediate resistance at the 5.70 level. This resistance is being extended by a double top pattern at the 5.75 level. A breakout above this level could lead the Tezos towards a 6.10 resistance level.
On the bearish side, the breakout of the $5.65 level could trigger a sharp sell-off until the 5.20 level. On the 2-hour timeframe, the upward channel may drive the buying trend in the XTZ/USD pair.
Alongside, the 50 EMA and Stochastic RSI are holding in a buying zone, supporting a bullish trend in XTZ/USD pair. Thus, Forex trading participants may look for a buy trade above the $5.65 level to the target of $6.099. Alternatively, a sell-stop below $5.50 can help capture an excellent selling trade with a target of $5.20 and $5.04 levels. All the best.
Where to Buy Tezos?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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