- XTZ Token price recovers the fall caused by the overall crypto market crash as the launch of Doja Cat NFT brings a new rally of token buyers.
- The intraday trading volume is above the 20-days MA of volume, projecting an increased buying pressure.
- The pair XTZ/BTC trades at 0.0001269 BTC with an intraday gain of +25.99%.
XTZ Token price action forms a morning star pattern with a follow-through indicating a rise in underlying bullish pressure. The increased selling pressure is evident by the increase of volume above the 20-days volume MA.
However, the push from the bullish candlestick pattern drives the price back up, resulting in a price jump of more than 35% in the past 48 hours.
The XTZ Token price is currently valued at $5.86 with a +26.95% gain in the market cap within the past 24 hours, projecting an inclining growth underlying bearishness.
The intraday trading volume of Tezos has increased by more than 450% in the past 24 hours, indicating a rise in the number of sellers.
The Doja Cat NFT Launch
Doja Cat, an American rapper, songwriter and singer, has a massive influence on pop culture with 3.4 million Twitter followers and 14.3 million Instagram followers.
She’s now launching a non-fungible token (or NFT) on OneOf, a Tezos-powered platform resulting in the hoards of people buying XTZ tokens.
Tezos token is also seeing positive news. XTZ has risen more than 26% in the last 24 hours to $5.87 as of press time
Tezos is a greener alternative than Ethereum. This is because it uses a proof of stake (PoS) consensus algorithm instead of a proof-of-work algorithm (PoW). To verify crypto transactions, the latter requires enormous amounts of energy.
PoS networks use economic incentives to secure a network, such as staking native tokens to become node operators.
XTZ Price Grows To Break Another Bullish Pattern
XTZ token price observes a rise in bullish pressure as the price action forms a rounding bottom pattern in the weekly chart representing a boom in underlying bullishness that may cause a surge in buying pressure in upcoming months.
According to the pivot point analysis, the coin may see demand at $4.7 and $3.2 support levels. However, in a bullish growth scenario, the price could encounter resistance at $8 and $10.
The significant EMAs on the daily chart all project bullish sentiments as they move in a bullish direction. The EMAs may provide support in case of a bearish downfall.
The relative strength indicator (Bearish) projects a surge in the underlying bullishness as the RSI slope increases.
As the price grows, the ADX indicator indicates a boom in a bullish trend.
Conclusion – XTZ Token Price may soon rise above the $6 mark as the price grows with overwhelming bearishness. Moreover, the possibility of a bullish breakout of the rounding bottom pattern in the weekly chart increases as the bullish demand grows.
Support – $3.2 and $4.7
Resistance– $8 and $10