Monero, Ethereum Classic, Tezos Price Analysis: 07 August – AMBCrypto EnglishAugust 7, 2020
Bitcoin’s recent attempts at consolidating its position above the $10,000 have been largely successful, with the effects of the same being felt by the rest of the altcoin market. While the likes of Tezos and Monero rose on the charts to register notable gains, others like Ethereum Classic didn’t see any of the gains. It must be noted, however, that in the latter case, too many ecosystem developments were in play.
Tezos has been one of the market’s best-performing cryptocurrencies over the past 8-10 months, with XTZ registering YTD gains of over 135%, at the time of writing. Lately, however, Tezos has been overshadowed by the likes other better-performing cryptos, despite it giving its investors great returns. A look at XTZ’s charts revealed why this was the case as, over the past few months, the cryptocurrency has traced a crest-and-trough pattern, meaning that it has failed to sustain an uptrend for a long time.
Bitcoin’s hike pushed Tezos into yet another uptrend, one that saw XTZ surging by almost 15% over the last week.
The dramatic trend reversal in the Tezos market was substantiated by the crypto’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles and implied bullishness, the MACD was well over the Signal line following a bullish crossover.
Tezos made headlines recently after a prominent security audit firm revealed that