Tezos Price Analysis: XTZ Spiked Well Over 10% Following Listing On Kraken
Tezos Spiked Well Over 10% Following Listing On Kraken
The recent Tezos (XTZ) surge follows an announcement that popular crypto exchange Kraken is listing the coin. On October 15, Kraken through their official blog announced that they were listing Tezos. This means that the coin will now be listed on a fully legalized crypto exchange in Europe and one that abides by European financial regulations.
Like any other listing of a coin on a new exchange, this brings legitimacy and confidence to the project. It also opens up more market and exposure for the project and the token. This will see Tezos (XTZ) growing its market cap and popularity in the coming days. Tezos project will also receive more attention and opportunities in the coming days.
Tezos Price Analysis
Since the beginning of October, Tezos has been trading around $1.30 with no definitive trend, neither bearish nor bullish. However, the dump last week saw it drag below this and hit a month low of $1.21. The bulls quickly reversed this and recovered its position to $1.25. Throughout the week and up until on Monday, the coin bounced around $1.23 and $1.24.
This recent surge has seen the coin recover its original position and add some. This will see it establish a new and possibly higher support level. However, it is unlikely that these prices go over $1.50. In the event that the prices correct they are likely to see the prices settle around $1.30, right around the same place it was trading at before the dump and surge from the last two weeks.
Most altcoins (like Tezos) that have recovered from the price fall from last week have witnessed a positive momentum following some positive news. The general positive bull market that has been witnessed this week has also aided them to push higher.
XTZ/USD Price Chart, Thursday October 18th:
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