Tezos (XTZ) has experienced significant volatility in the past 48 hours, with both substantial gains and losses. The price action has remained around the 20-day moving average (20DMA), leading investors to question whether it is too late to buy Tezos. Yesterday, the coin saw an impressive 15.8% increase, followed by a 10.72% drop overnight. Despite the volatility, there is no significant fundamental news driving these sudden movements. Some analysts speculate that a marketing push on Tezos’ Manchester United NFTs may have triggered the price action, while others attribute it to an unexpected surge in trading volume, reaching $158 million. Currently, Tezos is trading at $0.66, reflecting a 24-hour change of -3.48%.

Technical Analysis and Price Levels

Tezos recently faced rejection from the upper trendline resistance at $0.75, a level that had not been touched since August 16. However, the coin found strong support above the 20DMA at $0.67, leading to a 14-day consolidation period and triggering the subsequent upside swing. Unfortunately, price action has fallen below the 20DMA support, indicating potential downside action. Historically, when Tezos dropped below the 20DMA in July, the price continued to decline for more than 65 days, reaching a peak divergence of -28% below the moving average on August 18. On the other hand, the 200DMA, which has not been touched since April 29, remains high above the upper trendline at $0.84.

Indicators and Potential Targets

Despite the volatility, Tezos’ relative strength index (RSI) has gradually risen and currently exhibits minor bullish divergence at an oversold level of 47.80. The moving average convergence divergence (MACD) also reflects minor bullish divergence at 0.001. Overall, Tezos appears to be finding support at its current level, with little indication of further downside. Based on the indicators, Tezos has a short-term upside target of $0.71, representing a potential 7.36% increase. Conversely, if there is downside risk, Tezos could fall to $0.645, indicating a potential 3.15% decrease. Therefore, Tezos carries a risk-reward ratio of 2.33, with upside potential stealing the limelight.

While Tezos continues to navigate its price action, many smart investors are seeking consistent gains through a new Telegram GambleFi project that offers market-beating staking APY returns. TG.Casino (TGC) has captured significant attention within the market, quickly securing an impressive $745,000 in its presale within a few days. Unlike typical Telegram bot ventures, TG.Casino merges the thrill of a casino with the decentralized benefits of blockchain technology. As a licensed casino integrated with Telegram’s vast user base, TG.Casino offers unparalleled accessibility and potential.

TG.Casino promises a rich user experience with thousands of live casino games, as well as slots, table games, and a comprehensive sportsbook. Additionally, users can enjoy a 150% matched deposit bonus and 500 free spins, making it an unbeatable offer. Security is a top priority, and TG.Casino ensures data and fund protection through encryption. The $TGC token serves as the core of the TG.Casino ecosystem, facilitating instantaneous transactions and providing various utilities, such as exchanging for gaming credits or other cryptocurrencies. The presale also boasts an extraordinary staking APY of 3,446%, and a buyback mechanism ensures price stability and consistent rewards.

To join the TG.Casino presale, individuals can visit the official website, set up an ERC-20 compatible crypto wallet, purchase ETH or USDT, and follow the on-site steps to buy $TGC tokens. Once the presale concludes, participants can claim their tokens during the Token Generation Event. With well-thought-out tokenomics and an impressive APY, TG.Casino sets the stage for monumental success in the GambleFi sector.

Final Thoughts

The TG.Casino presale represents more than just an opportunity; it is an invitation to the future of GambleFi on Telegram. However, it is essential to note that cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and does not constitute investment advice. Investors should exercise caution and be aware of the potential loss of capital. As for Tezos, the recent volatility suggests that the coin still carries potential for both upside and downside movement, making it a decision that depends on an individual investor’s risk appetite and market analysis.

Industry

Articles You May Like

Binance and CEO Changpeng Zhao in the Hot Seat Following SEC Lawsuit
Bitcoin and Other Digital Assets Trading at Discount on Binance.US Due to Liquidity Issues
The Promise of Launchpad XYZ: Simplifying the Web3 Experience
The Rise of On-chain Music: Exploring the World of NFTs from a Collector’s Perspective

Leave a Reply

Your email address will not be published. Required fields are marked *