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Home Altcoins

Tezos (XTZ) Hits Double Digits Gain After Major Announcement, Binance Coin (BNB), Cardano (ADA) Intraday Analysis

by Adeniyi Olowo
December 3, 2019
in Altcoins, Finance, General News, Price Analysis
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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.

tezos intradya price analysis
courtesy coinstats

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.

Binance Coin BNB
courtesy coinstats

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. 

Cardano
Courtsey Coinstats

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.

Tags: Binance CoinBinance Coin (BNB) Price TodayBitcoin NewsCardano (ADA)Cardano (ADA) PriceTezosTezos (XTZ )
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Highlights

Elon Musk Loaded Up In Dogecoin before Pumping Bitcoin – Peter Schiff

Crypto Investor Explains Why Cardano will Soon Topple Ethereum

Cardano’s IOHK Rebrands, Enters Final Stages of a Large Government Contract

Analyst Explains why Bitcoin Price Could Crash to $6,400

Online Search for “Dogecoin” Surpasses “Bitcoin” in United States

PayPal Q4 Earnings Report Shows Users More Active after Buying Cryptocurrencies


NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

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