- Tezos price sees bulls claiming an important floor.
- XTZ is set to jump higher with first signals emerging of $1.19 price target.
- A 41% recovery is at hand if bulls and market conditions keep opening up at this pace.
Tezos (XTZ) price jumped above the monthly pivot for January on Monday. Bulls can maintain the area after two US Federal Reserve members pushed against the current market narrative that focuses on the US Federal Reserve pivot level, which is expected to soon be met. This comes after a slew of US data points in that dovish direction. Meanwhile, markets are disregarding the comments from the two US Fed members as both are non-voters in the upcoming FOMC rate decision meeting.
Tezos price holds ground, should tackle the 55-day SMA soon
Tezos price jumped above the monthly pivot level of January at $0.8185 and was able to maintain it without offering a big fade. As price action has already checked for support and is in the green again, more gains are to be had. In early morning trading on Tuesday, however, equities were down after gut-punch comments from US Federal Reserve members Daly and Bostic siding against the current risk-on sentiment. Markets then disregarded the comments quite quickly though as both are non-voters in the next FOMC rate decision.
XTZ price is set this week to test and possibly break $0.90, which comes in with the 55-day Simple Moving Average (SMA) and is the first big test to see if this rally has enough strength and legs to go on. Should US inflation numbers come out substantially lower, expect that level to be broken to the upside and see XTZ rally further. Further down the line, $1.19 could be up for grabs by the end of this month if that Fed pivot gets confirmed.
XTZ/USD daily chart
A big central bank event is today, with the Swedish Riksbank holding a panel discussion with quite a few central bankers. Fed chairman Jerome Powell is also attending and could use the venue as an opportunity to either confirm or contradict the comments from Bostic and Daly. Confirming the statement by the non-voters would be a knock-out punch for the current rally and see XTZ collapse back to $0.70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.