The price of Tezos, (XTZ), rebounded after a steep decline during the second week. Altcoin prices rose steadily, despite volatile markets.
XTZ was a prominent performer to usher in the week, as prices surged to a three-week high. Following Monday’s session low of $1.50, XTZ climbed to an intraday high of $1.60 yesterday.
XTZ trades at $1.54. That’s an increase by 6.0 percent from the previous week. The token’s price spike caused it to hit $1.67 as resistance, and the gains were subsequently reversed.
Recommended Reading: Crypto Community remains positive on XRP despite bearish market conditions| Crypto Community Remains Upbeat On XRP, Despite Bearish Market Conditions
Tezos (XTZ) On Steady Upswing
The price of XTZ also continued to rise, reaching $1.32. The upswing pushed the altcoin 27 percent higher as it breached the previous swing resistance at $1.65.
XTZ dropped 85 percent over the last eight months due to a steady decline. The support level for January-March 2020 was $1.2. The altcoin quickly recovered on June 19.
This positive change drove the XTZ price to $1.62 by 33 percent. However, it was met with strong resistance. The price rejection has increased over the last four days to $1.62, which indicates that sellers are trying to defend this level.
XTZ surpasses Major Cryptos
After a week of losses, the cryptocurrency market fell on Monday. TradingView.com reports that the global cryptocurrency market is worth $884 billion. This represents a 2.1% decline from the previous day.
Bitcoin, the most valuable cryptocurrency by market capitalization, fell for a third day, falling below $20,000 to $19,910 after registering its largest weekly increase since March. Ether, which is second in market capitalization is trading at $1.078 is now down almost 2%.
XTZ market capital at $1.39 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Despite a steep 80 percent decline from October’s record high of $9.18, XTZ continues to rise since last Friday.
Tezos has unveiled its developer portal, which will allow you to create decentralized apps on your blockchain.
Recommended Reading: Quant (QNT), registers gains in past days – A short-term upswing?| Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?
The XTZ market price has been showing indications that it is still in good health. Bulls have vowed to push the top and climb to $1.80. If the breakout is successful, it would mark the highest trading volume for XTZ in the last month.
In the meantime traders are waiting for the U.S. Consumer Price Index to be released on Wednesday. It has in the past shown higher inflation. In May, the CPI climbed 8.6 percent, the biggest yearly rate in four decades.
Featured image by Klever News. Chart source: TradingView.com