Tezos [XTZ] logs new All-Time High as it stretches its parabolic gains beyond $3. The cryptocurrency climbed to the top ten cryptocurrency by market capitalization with over 130% this year.
Morevoer, it has been gaining a lot of popularity in the past few months. Research and chart analyst, Josh Olszewic, points about the rise in google trends for Tezos. He tweeted,
one thing u don’t mess w/is google trends extremely bull for $XTZ
The cryptocurrency works on PoS (Proof of Staking) algorithm, which allows bakers to earn interest on holding XTZ. While Ethereum has been working on its implementation, Tezos staking is already active on top crypto Exchanges. Josh also tweeted,
15% of all $XTZ circ supply is currently held in exchange bakeries (Coinbase, Binance, Okex, Kraken and so on)
While the momentum is bullish, the price could be topping in the short-term. The parabolic rise could see a correction upto to the 50-Day Moving Average. Prominent derivatives and crypto trader, Josh Rager tweeted,
Tezos is up over 130% in the past month
Can this push higher? – Of course, much higher
But based on the chart, I’m not going to fomo into this (at this point in time) Certainly an asset I’m willing to buy on pullbacks for swing trades
The spike in the positive value of funding rate suggests a short squeeze in the last.
Moreover, on BitFinex short orders are reaching all-time highs as well. Olszewics reports that it could be an indication of reversal according to fractals. Since, the last time market corrected w.r.t. to the increasing shorts on BitFinex. Josh tweeted,
$XTZ shorts made a new ATH last time, shorts didn’t get squeezed tho
However, Binance reports a $2.2 million USDT notional value with strong long interest. The long/short ratio on Binance is 64% vs 36%, while top traders are more evenly matched around the 50% mark.
The FOMO buyers for spot trading will also look to cause further buying pressure on the cryptocurrency. Furthermore, the general bullish uptrend in the crypto markets can act as a strong catalyst for short squeeze at the moment.
Do you think Tezos will continue to climb or cool-off for sometime? Please share your views with us.
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