Tezos’ XTZ Price Jumps 25% – Can it Break the $0.85 Resistance?

Tezos’ XTZ Price Jumps 25% – Can it Break the $0.85 Resistance?
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XTZ-11.94%
ETH-3.01%

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Tezos is now running at the forefront leading today’s top gainers, surging over 8% in 24 hours. The bullish rally comes amid the Etherlink Layer 2 expansion and increasing institutional attention, which was ignited by Mida’s innovative tokenized products. 

As XTZ price action smashes through resistance levels, traders and investors are now watching closely. So will this momentum sustain or is a short-term correction closer than you think? Join me as I decode the short term XTZ price prediction.

Tezos TVL Rebounds

Tezos’ DeFi activity has seen a robust rebound, with Total Value Locked climbing 8% higher to $45.43 million. The uptrend in TVL, following months of stagnation, highlights renewed confidence and increased capital inflow, mirroring the surge in price and volume. This DeFi momentum further aligns with the success of Etherlink and Mida’s tokenized offerings.

Source: DeFiLlama

Tezos Price Analysis:

Tezos is making headlines with its impressive price action. XTZ currently trades at $0.7775, marking a daily gain of 8.05% and a staggering 25.74% jump over the past week. The market capitalization follows suit, rising to $824.24 million. Meanwhile, the 24-hour trading volume spikes 231.54% to $189.6 million, justifying heightened trader participation and renewed enthusiasm.

On the technical front, the chart I’ve shared reveals that Tezos has decisively broken out of its previous consolidation range. The recent price action has catapulted XTZ from a low of $0.6837 to a 24-hour high at $0.8212. The next hurdle sits at $0.80, with a visible resistance band extending to $0.85 for XTZ.

Conversely, key support is established at $0.7179. Any retracement towards this level may attract buyers who missed the initial breakout. Provided the overall bullish structure remains intact.

FAQs

Why is XTZ’s price up today?

The launch and adoption of Etherlink L2, coupled with Mida’s tokenized products attracting $11 million TVL and institutional buyers, ignited the rally.

Where is the XTZ price heading next?

XTZ faces resistance at $0.80 and $0.85, while key support sits at $0.7179.

Should I still buy Tezos?

XTZ’s momentum is robust, but overbought signals suggest caution.

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