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XTZ surged nearly 100% intraday. What’s ...
XTZ surged nearly 100% intraday. What’s the outlook?
2024-11-19, 09:03
[//]:content-type-MARKDOWN-DONOT-DELETE According to Gate.io market data, the current price of XTZ is $1.12, reflecting a 24-hour increase of 35%. The daily high reached $1.3576, with the price currently retreating from that peak. XTZ's circulating market capitalization stands at $1.14 billion, ranking 74th in the global market. XTZ is the native token of <a rel="nofollow noopener noreferrer" href="/price/tezos-xtz" target="_blank" class="blog_inner_link">Tezos</a>, a Layer 1 blockchain. On the Tezos network, XTZ is used to interact with decentralized applications (dApps), secure the network through staking, pay fees or for services, and serve as the fundamental unit of account on blockchain. According to official sources, XTZ has a maximum circulating supply of 900 million tokens. The Tezos blockchain adopts an inflationary funding model designed to prevent the newly minted tokens from losing value post-circulation. This model introduces approximately 80 XTZ per block (every minute), resulting in an annual inflation rate of 5.51%. Tezos also implements various strategies to incentivize staking and encourage holders to retain their XTZ. ![](https://gimg2.gateimg.com/image/article/1732007073xtz.png) ## XTZ Market Data - Latest Price: 1.1274 USDT - 24-Hour Increase: 35.77% - 24-Hour High: 1.3671 USDT - 24-Hour Low: 0.8223 USDT - Support Level: 1.0259 USDT - Resistance Level: 1.2145 USDT - Market Sentiment: Extreme Greed (Fear & Greed Index at 80) ## Trading Strategy Recommendations ### Strategy 1: Short-term Bullish Strategy - Direction: Long - Entry Price: 1.13 USDT (slightly above current price) - Stop Loss: 1.025 USDT (below support level) - Target Price: 1.25 USDT (near resistance level) Rationale: The current market sentiment of extreme greed suggests potential for further short-term gains. Although the RSI indicates overbought conditions, there is still room for upward movement. Entry at 1.13 USDT leverages market momentum, with a target of 1.25 USDT and risk controlled at 1.025 USDT. ### Strategy 2: Short-term Bearish Strategy - Direction: Short - Entry Price: 1.25 USDT (near resistance level) - Stop Loss: 1.3 USDT (above resistance level) - Target Price: 1.1 USDT (below current price) Rationale: Despite extreme greed sentiment, a pullback is likely near resistance levels. Entry at 1.25 USDT capitalizes on potential price reversals, targeting 1.1 USDT, with a stop loss at 1.3 USDT to manage risk. ## Outlook Tezos raised $232 million in its 2018 ICO, setting a record at the time. XTZ reached an all-time high of $9.18 in 2021, with its market cap briefly ranking among the top 20. However, in recent years, the project has seen fewer product updates and roadmap advancements. Some community members believe this price surge is speculative, driven by market interest in older, well-known tokens, and caution that XTZ might not be a viable long-term investment. <div class="blog-details-info"> <div>Author: **Icing**, Gate.io Researcher <div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. Investment involves risks and users need to make careful decisions. <div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement. </div>
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