фото показано с : invezz.com

Tezos (XTZ) has broken out of its descending trend on 3 January, and has been increasing in price ever since. However, the recent influx of buying power brought by a protocol upgrade announcement lifted its price to new highs. So, is this a good time to buy Tezos, and what levels should you look for in the short-term?

Tezos has skyrocketed in price as its latest upgrade proposal, Edo, reached the quorum and is announced to go life around 13 February if the 80% approval manages to hold. This news are extremely bullish, as the new upgrade brings features such as new cryptographic primitives and a fifth voting period on top of improving efficiency and optimization.

Tezos is closely following its 21-day EMA ascending support line as it moves to the upside, but might soon reach heavy resistance at the 61.8% Fib retracement level.

XTZ managed to score a week-over-week gain of 16.86%. When compared to other cryptocurrencies, it outpaced BTC‘s weekly gains of 4.78% but fell behind ETH‘s 25.13% gain.

At the time of writing, XTZ is trading for $3.40, which represents a price increase of 25.83% when compared to the previous month’s value. Tezos is currently the 23rd largest cryptocurrency by market cap, boasting a value of $2.58 billion.

Tezos (XTZ) has been trending up on increased volume ever since 3 January. The recent descent in trading volume and volatility indicated that a major move is in preparation as the community waited for news on the Edo upgrade. While the current push is extremely strong, Tezos faces massive resistance at the 61.8% Fib retracement level, and only a daily candle close above this level will be considered bullish news.

On the other hand, Tezos’ downside is well-protected by the 21-day EMA as well as the 50-day EMA, which will be very hard to push past.

Tezos’ RSI on the daily time-frame broke out of its regular trading range and moved towards the overbought territory, with its current value sitting at 64.98.

XTZ’s hourly chart shows us a very interesting trading pattern. Recent volume surges brought its price to around $3.18, but bulls were never able to break it with confidence. However, positive sentiment fueled by good fundamentals brought a massive volume increase, which has led to XTZ surging past the $3.18 level and towards the 61.8% Fib retracement level of $3.386.

The post XTZ soars as Tezos announces Edo upgrade going live: these are the levels to look for appeared first on Invezz.

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