February 14, 2020

Bit4Good

Aggregated Cryptocurrency News Feeds

Tezos (XTZ) Sets Its Highest Ever Weekly Trading Volumes As Bulls Set Their Eyes On $5.00 USD

  • Tezos (XTZ) on the verge of setting the all-time high in weekly trading volume with over $50 million USD traded today.
  • Currently trading at $3.60 USD across major exchanges, XTZ bulls set targets at $4.000 USD in the near term.

It has been a rather successful period on staking token, Tezos, charts as the asset recorded yet another day of high trading volumes as the market enjoy an extended uptrend on the price. Starting out at $1.33 USD at the start of January, XTZ has witnessed impressive growth in six weeks, setting an all-time high (ATH) price of $3.67 USD on Wednesday.

While the price has been the key talking metric on Tezos, the weekly volume traded in the altcoin’s market is on hand to set its own ATH by the end of the week. Is this a cue to set new highs at $5.00 USD?

XTZ weekly trading volumes set to breach ATH

One significant indicator of a healthy market is the traded volumes and liquidity and XTZ has been nothing short of explicable in both categories since the start of the year. The digital asset has recorded a total of $500 million in total traded volumes during the week with two trading sessions still open before the week ends.

Image: TradingView

This sets the asset on its highest ever trading volume week since August 2019 signaling a bullish push towards key resistance levels at $3.70, $4.00 and possibly $5.00 USD in the coming days.

Highest daily volume ever

According to data collected on Messari, XTZ recorded its highest ever daily trading volume on Wednesday 12th with over $170 million worth of tokens exchanging hands during the day.

Top daily traded volumes on XTZ (Source: Messari)

Notwithstanding, six of the top seven days on the list of highest daily traded XTZ volume are all from the past week with the only exception being February 3rd (No.7), whereby over $53.2 million USD worth of XTZ were traded.

Bulls target $5.000 USD mark in the near term

Rising volumes in a bullish market strengthens the overall sentiments with bulls resetting their targets to $4.00 USD following a blast past $3.00 USD –turning resistance to key support. The tenth largest cryptocurrency is trading at $3.512 USD as at time of writing, a few cents away from setting a new all-time high.

Given the rise in trading volumes, a close above $4.00 will effectively set the market a blaze with bulls on a firm target of $5.00 USD in case it happens.

Tezos (XTZ) Sets Its Highest Ever Weekly Trading Volumes As Bulls Set Their Eyes On $5.00 USD

Article Name
Tezos (XTZ) Sets Its Highest Ever Weekly Trading Volumes As Bulls Set Their Eyes On $5.00 USD
Description
• Tezos (XTZ) on the verge of setting the all-time high in weekly trading volume with over $50 million USD traded today. • Currently trading at $3.60 USD across major exchanges, XTZ bulls set targets at $4.000 USD in the near term.
Lujan Odera
Publisher Name
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.