The crypto market saw a period of price correction in the last 24 hours and most coins within the top 10 are in the red zone. Leading coin Bitcoin is priced $9292 at the time of writing, after failing to cross the resistance levels of $9500.
Tezos (XTZ) is one of the biggest gainers in the market today. Despite the bearish trend in the market, the altcoin is hitting double digits figures. The cryptocurrency spiked and hit its highest level since May when it went up by 70%. It is widely belived that the announcement by popular crypto exchange Coinbase could be behind the price increase.
Coinbase announced on November 6 that it was implementing a staking reward initiative for Tezos on its retail platform. According to Coinbase, the incentive is meant to bolster users towards participating in the Tezos network
Tezos Intraday Analysis
Tezos started the day on $0.92 and embarked on a steady movement before spiking suddenly at around 03.10 GMT. The huge spike made the altcoin rise to its six month high $1.70 within ten minutes. Afterwards, the rally swiftly cooled off a bit, and as at the time of writing XTZ is up by 24% with its price at %1.15.
It is a bit difficult to predict whether this bullish trend was a one-off or can be sustained. Nevertheless, if the bull trend continues, we expect XTZ to surpass the physiological barrier of $1.20. In the worst-case scenario, if a bearish trend takes charge, XTZ may fall back to within the $1.10 region.
Binance Coin (BNB) Intraday Analysis
Binance Coin (BNB) is one of the coins that is in the red zone, BNB made a loss of 2.04% in the last 24 hours of trading. As at the time of writing, BNB is priced $20.39 with a market cap of $3,170,808,078 and ranked 8th on the coins ranking.
Looking at the 24-hour chart, Binance Coin stays within the range of $20.00 and $20.20. BNB has faced difficulties in hitting the $21.00 and $21.20 levels. If the coin ignites bullish rally, it could rise towards the $22.00 mark. On the flip side, a downward curve could see the coin drop to within $20.00 support region.
Cardano Intraday Analysis
Cardano (ADA) tried to move towards the $0.0465 resistance level but failed. ADA is currently priced $0.043299 and it’s suffering 4.49% loss in the last 24 hours.
Looking at the chart, Cardano opened the day on a positive trend but the coin failed to hit the necessary movements and culminated the day with a steep steady decline. Looking at the current trend, if the bearish trend continues the next support level will likely be $0.0425 but if there is an upside then 0.0440 is the next resistance level.