Tezos (XTZ) Nurses From Bad Fall In Last 7 Days After Binance Asset Freeze

Recent developments indicate that Tezos, along with its native currency, XTZ may have found themselves in a dangerous position.

  • Bullish Trend – XTZ prices 
  • Found key resistance at $1.48
  • Tezos price support present at $1.44

Baking Bad was a collective of network contributors who claimed, on August 25, that Binance had illegally frozen more than $1 million worth assets.

Authors also urged Tezos to withdraw their support for Changpeng Zhao’s (CZ-led) group.

Although the exchange quickly denied the allegations, the price for XTZ started to look like crude oil.

The Proof-of-Stake (PoS) backed coin’s price was $1.48 at the time of publication. According to CoinMarketCap data, the price dropped by 10.0% in the last day.

XTZ’s dip was the largest in the previous seven days, notwithstanding the fact that the bulk of the market’s cryptos were in the red.

Tezos (XTZ) Price In A Breakout Zone

Based on CoinMarketCapXTZ has fallen by 0.44% and is currently trading at $1.46.

On the 1-day price chart, we can see that Tezos’s price is in an area of breakout between $1.48-$1.44.

Any move either way could have an impact on the next action. The bulls are in control as they have driven the Tezos price up to $1.47 over the last 24 hours.

Chart: TradingView.com

The upper limit of the Bollinger’s band, at $1.48, is the level of greatest resistance for the bulls, while the lower limit, at $1.42, is the level of immediate support.

Bullish momentum continues because the MACD indicator remains above the signal.

More importantly, the RSI indicator has been rising slowly and currently stands at 65. In the short term this suggests the bulls will continue to push prices upwards. However, a fall in the RSI below 60 would signal a reversal of bullish momentum.

The Court directives are followed by Binance

Binance responded to Baking Bad’s accusation by claiming that they had made a decision that was fair and reasonable. Further, the exchange claimed it followed court orders.

Binance pointed out their disapproval of working together before he charged the Baking Poor crew with making an instant judgment.

What does this mean for XTZ? The incident seems to have had a severe impact on XTZ, according to the four-hour chart of XTZ/USDT.

However, Binance and Baking Bad have each responded in their own accordance to the confiscation. The exchange acknowledged that there was little they could do to stop the assets from being frozen, despite the XTZ donors’ claims that they complied with Binance’s request.

There was no clear indication of what the future path would be. XTZ also did not show any signs of enthusiasm.

XTZ market capital at $1.7 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com

Featured Image from Zipmex. Chart by TradingView.com

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