Tezos (XTZ) Rockets to $2.80, Stabilizes in the $2.70 Range
Tezos Rockets to $2.80, Stabilizes in the $2.70 Range
Tezos followed up its late night rally Saturday night with another jaw-dropping performance during the day Sunday, spiking to $2.80 for a gain of almost 50%. Hours later, the price seems relatively unstable, swinging from the $2.55 range all the way up to $2.75.
The relative lack of stability is likely due to investors who want to hold onto what they’ve earned or are hopping from XTZ to a less unstable crypto token such as ETH or BAT, or even DAI, the most stable of them all.
What have we learned?
Well, for one thing, big gains are certainly not impossible. Further, XTZ has been able to solidify the vast majority of these gains. As the week starts, XTZ has all the momentum on its side as a top earner over the weekend.
Will XTZ hit $3.00 this week?
At the moment, it seems all but certain that XTZ will hit $3, perhaps even $4, over the coming week.
Cues & Trends
BTC is over $10,000, holding strong. Crypto-based apps are gaining, and the coronavirus is likely to cause significant supply-side disruption. It is possible that investors are moving into crypto as a way to avoid losses in the stock market amid growing uncertainty.
XTZ Outperforms ETH
XTZ outperformed Ethereum by a substantial margin over the weekend, which could lead to speculation about the bullish investors’ thesis about Ethereum. As a crypto token, XTZ is less widely known than ETH by a far margin, but it appears to be more technically sound in terms of both speed and security.
Upshot
XTZ is the token to watch over the next few weeks as the price fluctuations and the increased attention the rapid growth will drive work to either solidify or undo the gains of the weekend.
Full Disclosure
I am long XTZ, and I’m under the impression that the coming week will bring continued rapid growth to the XTZ ecosystem. Low target: $3 high for the week; high target: $5.00.
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Published at Mon, 10 Feb 2020 04:22:50 +0000
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