After several disputes, a number of developers behind Tezos (XTZ) have decided to conduct a hard fork — which will result in the creation of a new cryptocurrency called “Dune.”
The fork is scheduled to occur on September 2019.
Tezos (XTZ) is not yet listed on most major exchanges. Furthermore, the USD/XTZ pair is not available on TradingView. For this reason, we used the XTZ/BTC pair during this price analysis.
In regards to its price, XTZ had a great beginning to 2019 — reaching highs above 26,000 satoshis in Apr 2019.
![tezos price Market Outlook](https://beincrypto.com/wp-content/uploads/2019/06/Tezos-Outlook.png)
XTZ (Tezos): Trends And Highlights For June 20
- The price reached a high on Apr 23.
- It is approaching the 0.88 fib level of the entire upward move.
- The daily moving averages have made several bearish crosses.
- The price is trading inside a short-term descending channel.
- There is a slight bullish divergence developing in the RSI and the MACD.
Tezos Price: Analysis of The Upward Move
The price of XTZ/BTC on Huobi is analyzed at daily intervals from Dec 2018 to June 2019. The 10-, 20- and 100-period Moving Averages (MA) are added to the second graph.
On Mar 9, 2019, the price made a low of 10,368 satoshis. An upward move ensued and the price reached highs of 27,600 satoshis on Apr 23. The price has been decreasing since.
![tezos price Fib Retracement](https://beincrypto.com/wp-content/uploads/2019/06/fib-tezos.png)
![Moving Averages](https://beincrypto.com/wp-content/uploads/2019/06/tezos-MA.png)
XTZ Price: Descending Channel
The price of XTZ is analyzed at 2-hour intervals from May 2019 to June 2019 alongside the RSI and the MACD.
In the previous section, we stated that the Tezos price began an upward move in the middle of May after finding support above the 100-period MA, but has been gradually decreasing since.
The decrease is following the pattern of the descending channel outlined below.
![RSI Divergence](https://beincrypto.com/wp-content/uploads/2019/06/short-term-divergence.png)
Support Areas
The price began the upward move in January with lows close to 10000 satoshis. It is currently trading at the 0.88 fib level of the entire upward move. A breakdown below it would make the beginning of the move the subsequent support area.![Tezos Descending Channel](https://beincrypto.com/wp-content/uploads/2019/06/support-13.png)
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. All images are courtesy of TradingView.
Top crypto projects in the US | September 2024
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
![Valdrin-Tahiri.jpg](https://beincrypto.com/wp-content/uploads/2023/11/Valdrin-Tahiri.jpg.optimal.jpg)
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored