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.
XTZ/USD 4-Hour Chart on Kraken (TradingView)
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
Google Trends for Tezos [XTZ] (Source: Twitter)
The cryptocurrency works on PoS (Proof of Staking) algorithm, which allows bakers to earn interest for 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)
Moreover. while the momentum remains 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 couple of hours.