XTZ token price rises higher inside the rising channel price pattern in the daily chart. The intense buying pressure can soon hit $10.
Tezos offers a unique way to stake XTZ. Although this is a common practice across all blockchains, it's not the only one. Participants can participate in the governance of the network by "baking," where they stake 8,000 XTZ. This provides a financial incentive for honest behavior.
The four-step process takes around 23 days and involves the voting of proposed changes to blockchain's code by Bakers. If a supermajority backs a proposal, it is fully implemented.
Let us now look at the technical analysis of Tezos cryptocurrency.
The daily chart shows that Tezos' price analysis is bullish. On 29th September, XTZ coin price found support at the short term 38.20% Fibonacci retracement level priced at $4.88. This has been a strong platform for traders buying into this week.
Source - Tradingview
At the time of writing, Tezos is at $7.67. Additionally, it has experienced a fall of 7.88% in the past 24 hours. In addition, the intraday trading volume of the coin fell by 45%, indicating coiling up before the breakout.
The price action indicates the bullish breakout of the solid resistance level of $7 in the daily chart. Furthermore, the coin price is retracing to retest the bullish breakout.
A bull run upon successful retest can face opposition near $8 and $10 which pose some reversal chances.
XTZ crypto trades above all the crucial Exponential Moving Averages in the daily chart. In addition, the EMAs maintain a bullish alignment. Thus, indicating solid underlying bullishness.
The MACD and Signal lines provided a bullish crossover and are trying to move above the neutral zone (0.00), representing a growth in the bullish momentum. Thus, indicating a buy signal.
The RSI value stands at 57% in the daily chart, suggesting a bullish sentiment regarding price movements. However, the RSI value has experienced a significant drop, which indicates some weakness in bullish momentum.
XTZ Token's technical analysis indicates that the price is at a very crucial stage. The successful bullish breakout of the $7 horizontal level leading to a bull run. However, traders might want to wait till the price retests this breakout.