Even With Live Trading, Tezos Still Lacks Bullish Support. The Entire Crypto Sector Is Also Down


The tenth-largest cryptocurrency based on market capitalization, Tezos (XTZ), followed the trend of the crypto sector, and wasn`t affected by Binance.US announcement for supporting XTZ/USD and XTZ/BUSD trading pairs.

The valued at $950 million altcoin made a sharp drop in its price, currently trading at $1,30 which is a 20 percent drop over the course of the past 24 hours.

Tezos, as well as the entire crypto sector, made another drop into the red, with the total market capitalization of all cryptocurrencies shrinking down to $135,3 billion.

However, amid the crypto turmoil, Binance.US announced that the platform would support trading for XTZ. The U.S. users could buy and deposit XTZ tokens directly to their wallets, but trading and withdrawal functionalities would be active on a later date.

Traders would also have to pass account verifications to gain access to trading with Tezos. The verification method now includes fiat verification, as well as the basic and advanced authentication methods.

Looking at the technical side of trading, Tezos made a recovery to $1,81 but quickly tumbled to trade as low as $1,16. Trading volumes crashed, and even the Binance listing couldn’t get enough bullish momentum to hold on to the significant sell-off pressure. Experts are predicting the price per XTZ token to slip below $1.2, as the sell-off pressure in the crypto sector is still high.

Tezos became famous for being one of the best ICO projects of 2017, raising $232 million. Despite being at the bottom of the top-10, XTZ outperformed the majority of altcoins, recording highs of $3,90 in February.

Meanwhile, the crypto sector took yet another hit into the red, with Bitcoin (BTC) slipping below $4,500 to trade as low as $4,400. Currently, Bitcoin recorded a small recovery, trading at $4,925.97. Trading volumes for the world’s biggest cryptocurrency seem to gain upwards momentum, which may indicate the formation of strong supports in the $4,700 range.

Ethereum (ETH) is down 10 percent to trade at $111.62, as of press time. The second-largest cryptocurrency almost slipped below the $100 mark with a daily low of $101,5. Currently, the altcoin leader is also gaining trading volumes traction.

Ripple (XRP) is one of the least-losing cryptocurrencies with only a 6% price decrease over the past 24 hours. Ripple’s current price is $0.142042, with trading volumes almost reaching $700 million.

The primary cause of the newest price drops is the widespread coronavirus concerns and FED cutting down interest rates, which further increases the panic in the financial world.

As of press time, trading for the XTZ/USD and XTZ/BUSD trading pairs is live. 

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(Excerpt) Read more Here | 2020-03-16 17:03:43
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