XTZ/USD Retests Double Top – All Eyes on $2.95 Resistance! - Forex News by FX Leaders

XTZ/USD Retests Double Top – All Eyes on $2.95 Resistance!

Posted Monday, July 12, 2021 by
Arslan Butt • 2 min read

The XTZ/USD coin maintained its winning streak of the previous session, drawing some further bids above the $2.88 level. As of now, Tezos is trading at $2.88, with a 24-hour trading volume of $79,580,145. Tezos has risen by 2.32% in the past twenty-four hours. The ongoing heavy buying bias surrounding the Tezos’s coin could be associated with the report suggesting that Gitcoin, a community that produces digital public goods, creates financial freedom and works on the future of the open web, has announced its integration with Tezos.

It is worth mentioning that the integration will involve the platform with the development of projects, including applications, tooling and infrastructure, that would support the Tezos ecosystem. In addition to this, it also offers new opportunities for the universal, open-source Gitcoin community to develop on Tezos, which is the first and longest-running, energy-efficient Proof of Stake blockchain. This has turned out to be one of the key factors that is helping the Tezos coin to stay bid.

XTZ/USD

On the negative side, the uptick in the Tezos coin could be temporary or short-lived, as the stronger US dollar tends to undermine the XTZ/USD coin pair. On the USD front, the broad-based US dollar has been flashing green since the new week started, as investor fears of a slowdown in the global economic recovery from the COVID-19 pandemic kept the market trading sentiment down. This has become a critical factor that is helping the safe-haven assets, including the US dollar. The freshest outbreaks of COVID-19, like the Delta variant of the virus, have led to extra restrictive measures in some countries, including Australia and South Korea. Ahead of the release of the US core consumer price index (CPI) figures for June on Tuesday, investors are now keeping their eyes on US inflation and when the country’s Federal Reserve will start tightening its monetary policy. Meanwhile, the testimony by US Federal Reserve Chair, Jerome Powell, is also due this week.

XTZ/USD – Technical Outlook

The XTZ/USD is trading with a slight bearish bias at 2.87, and facing resistance at 2.95. The XTZ/USD coin has closed a bearish engulfing pattern below the 2.9570 level, on the higher side. On the lower side, the MACD and RSI values for the XTZ/USD show signs of bearish correction, and this could lead the XTZ/USD price down towards the 2.72 support area. However, a bullish crossover at 2.9570 could extend the buying trend until the next resistance area of 3.115. Good luck!
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments