HomeNewsTezos Price Uptrend Continues as Traders Eye $2 Target

Tezos Price Uptrend Continues as Traders Eye $2 Target

The previous 30 days have not yielded much excitement for most cryptocurrencies. Nearly all markets saw some form of setback, but there are always exceptions to take note of. The Tezos price currently has many people excited, as its 30-day uptrend remains intact. 

It is somewhat difficult to find a cryptocurrency – other than Bitcoin – that gets a lot of people excited these days. Tezos is one of the few exceptions in this regard, as its ongoing price momentum is pretty strong these days. In fact, its 30-day momentum has been stronger than most other coins, and there is no slowing down just yet.

Tezos Price Momentum Holds Promise

Over the past 24 hours, the Tezos price has gained another 4.6% without too much resistance. This continues the week-long uptrend, which sits at 23% for the past seven days. In the past 30 days, XTZ gained over 35% in value, making it one of the strongest markets in late 2019. 

All of this momentum is fueled by plenty of trading volume. Albeit $35.82m in volume for a $962.8m currency is not necessarily overly impressive, it is more than sufficient to keep the momentum going. There also appears to be a strong balance between bids and asks on the order books, removing any concerns of potential market manipulation.

As far as exchanges are concerned, Binance, Coinbase Pro, and MXC are the primary contributors today. MXC’s XTZ/USDT pair is firmly in the lead, with nearly twice the volume of Binance’s XTZ/BTC pair. Coinbase Pro is the first and only fiat currency gateway in the top 5, as its USD pair brings in significant trading volume today.

Several recent developments affect the current Tezos price surge. First of all, Binance US has confirmed this one of the assets the team currently considers adding to its exchange. A thorough review process is going on, thus the decision has not been finalized as of yet. 

Secondly, it appears the Kraken exchange has enabled support for staking Tezos on its platform. In doing so, users will earn staking rewards equal to 6% of their balance per annum. It is another way of getting more users interested in not only owning XTZ, but also holding on to their balances accordingly.

As far as the Tezos price prediction game is concerned, opinions are a bit divided. Crypto Oolong still has a bullish outlook. He expected the price to push through to $2 in the coming weeks. There is a chance a slight drop will occur prior to this happening, however. 

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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