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Tezos XTZ Follows Chainlink to Hit New High — But Is $6 Now Realistic?

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As Chainlink (LINK) reaches a new all-time high after all-time high, it would be expected to see a similar move on Tezos (XTZ). This is because these two coins have been moving in tandem in recent years and have been one of the few resilient digital tokens despite the cryptocurrency bear market during the period.

Crypto market daily performance. Source: Coin360

Tezos did indeed show strength as XTZ rallied from $2.95 to as high as $4.50 in the previous four days, resulting in a rally of more than 50%. But is an even bigger rally in the making for Tezos? Let’s check out the charts.

Tezos breaks clear resistance at $3.25 and rallies to $4.45

As the chart is showing, the price of Tezos broke the resistance zone at $3.25 and started to show impressive strength. XTZ price rallied from $3.25 towards $4.50 in a matter of days. 

XTZ/USDT 1-day chart

XTZ/USDT 1-day chart. Source: TradingView

If a cryptocurrency is in price discovery, the easiest way to determine target zones is through the Fibonacci extension indicator. In trading, it’s ubiquitous to measure these targets by defining the 1.618 and 2.618 Fibonacci levels.

A similar occurrence happened in the Tezos chart as the price broke through $3.25 and rallied toward the 1.618 Fibonacci level, after which it immediately continued to the next resistance zone at the 2.618 Fibonacci level. The price of Tezos then reversed, which can be attributed largely to the pullback in Bitcoin (BTC).

Key support levels to watch for XTZ

The 4-hour chart is clearly showing some support zones, which are crucial to watch. As commonly known, buying green candles doesn’t guarantee further profits. Such a strategy is a very aggressive and emotional strategy in trading. 

As measured in the chart, entering a trade through defined support zones is clearly a better approach. 

XTZ/USDT 4-hour chart

XTZ/USDT 4-hour chart. Source: TradingView

For example, the 4-hour chart shows a few critical support zones. Of course, the previous resistance at $3.25 is an obvious support zone and mainly the best area for any opportunities to buy.

However, given that there’s such a volatile move, it’s unlikely that these zones will be hit. In upward trending markets, the best support/resistance flips generally won’t be hit, as investors and traders front-run these levels.

As the chart shows, the next opportunity to look for support is the $3.60-3.75 area, which should generally be providing support on the lower timeframes. From here, the price is ready to consolidate in a range, before further expansion occurs.

BTC pair breaks above 100-day and 200-day moving averages 

XTZ/BTC 1-day chart

XTZ/BTC 1-day chart. Source: TradingView

The BTC pair of Tezos shows a clear range-bound structure, through which the price of Tezos has flipped back above the 100-day and 200-day moving averages (MAs).

Essentially, the resistance zone at 0.0003700-0.0003800 sats has been tested many times in the previous year. A renewed test should most likely give a breakout to the upside.

The crucial support level to hold is defined in the green box. That area is confluent with a horizontal support level, alongside the 100-day and 200-day MAs coming serving as support.

As long as these MAs hold, further upward momentum is expected as the markets would remain in bullish territory. 

XTZ price targets

Several price targets for XTZ can be defined using the Fibonacci extension tool. 

XTZ/USDT 1-day chart

XTZ/USDT 1-day chart. Source: TradingView

The larger swing objectives are classified around the $6 level. However, the chart also shows a target at the $5 level.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.





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TWTR Stock Spikes 3.9% as Twitter Reveals Plans to Double Revenue by 2023

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To double its annual revenue by 2023 as planned, Twitter would need an increase from 43.7 billion recorded in 2020 to at least $7.5 billion. 

Twitter Inc (NYSE: TWTR) saw a 3.7% gain in its stock after the social media network announced plans to double revenue by the end of 2023. Also in the same year, Twitter hopes to have 315 million monetizable daily active users (mDAUs). In the fourth quarter of 2020, Twitter said that it had 192 million mDAUs.

Twitter announced its long-term plans for revenue and daily active users in a filing with the US Securities and Exchange Commission (SEC) on the 25th of February. According to CNBC, it is the first time Twitter would be settling out long-term goals regarding its revenue and daily users.

Twitter Plans to Double Revenue

To double its annual revenue by 2023 as planned, Twitter would need an increase from 43.7 billion recorded in 2020 to at least $7.5 billion.

In addition, Twitter has plans to double its development velocity by 2023. This means “doubling the number of features shipped per employee that directly drive either mDAU or revenue.”

Furthermore, Twitter added that it aims for a long-term margin target of mid-teens GAAP operating margin, or 40-45% adjusted EBITDA margin.

At the time of writing, Twitter stock is at after-hours trading of $73.93, a 0.88% decline over its previous close of $74.59. Data by MarketWatch revealed that TWTR has been surging over the past months. Over the last year, TWTR has increased by 125.96%. The company has also grown more than 37% since the beginning of January. In addition, the social media giant has surged 60.65% in the last three months and nearly 45% over the past month. In the last five days, Twitter has jumped 3.22%. Twitter currently boasts of a market value of $57.4 billion.

Jack Dorsey Says 2020 Was an “Extraordinary Year” for Twitter

After Twitter reported a better-than-anticipated earnings result for 2020 Q4, the company spiked 13%. Confirming CEO Jack Dorsey’s remark that 2020 was an “extraordinary year” for Twitter, the company recorded $1.29 billion in revenue against $1.18 billion earlier predicted by analysts.

Despite the global economic meltdown that affected several companies as a result of the pandemic, Twitter grew in 2020. In the year, the social media giant jumped about 82%. Twitter also saw an increase in the number of daily active users.

Amid the growing adoption of Bitcoin among public companies, Twitter CEO Ned Segal recently revealed that the company is considering adding BTC to its balance sheet. In an interview with CNBC’s Squawk Box on the 10th of February, Segal said that Twitter has done a lot of “upfront thinking” regarding the matter and would continue to deliberate on it.

In October 2020, Twitter’s sister company Square Inc (NYSE: SQ) said it had invested $50 million in Bitcoin.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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SEC Investigates Tesla’s CEO Elon Musk over Tweets Promoting DOGE

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Shortly after Klarna CEO Sebastian Siemiatkowski expressed his concern over tweets promoting Bitcoin, reports revealed that the SEC is investigating Musk over DOGE tweets.

The price of DOGE has declined in reaction to the news that the US Securities and Exchange Commission (SEC) is currently investigating Tesla’s (NASDAQ: TSLA) CEO Elon Musk over Dogecoin tweets.

Recently, Elon Musk has been advocating for cryptocurrencies through his Twitter Inc (NYSE: TWTR) posts. Last month, the CEO of the electric vehicle company revealed his interest in the leading crypto asset, adding the Bitcoin hashtag to his Twitter bio. Musk’s action sparked several comments in the crypto community, fueling an increase in the price of BTC.

SEC vs Musk Promoting DOGE

Shortly after including the Bitcoin hashtag on his Twitter bio, Musk posted several tweets, along with images, promoting DOGE. While the CEO’s continuous tweets on DOGE appear as jokes, the posts have been influencing the price of the digital asset. The price of Dogecoin has continually increased in reaction to Musk’s several posts. Over the past month, DOGE has surged more than 500%.

The cryptocurrency, which started as a meme, now has a more than $6.6 billion market value. At the time of writing, DOGE is down 8.55% to $0.05113.

Following a series of tweets that fueled the price of DOGE, the SEC is now investigating Musk over potential security violations regarding the cryptocurrency. On the 25th of February, financial newswire First Squawk announced in a tweet.

Back in 2018, the SEC filed a lawsuit against Musk regarding a comment he made on Twitter, saying that he was considering a decision to take Tesla private. In the tweet, the CEO said:

“Am considering taking Tesla private at $420. Funding secured.”

The SEC reacted to Musk’s claim that the funding was secured. Eventually, the case was settled, with Tesla and Musk paying $20 million fines each.

Klarna CEO Calls For Regulations On Tweets Promoting Bitcoin

Recently, the CEO of European fintech giant Klarna, Sebastian Siemiatkowski, expressed his worry over tweets promoting Bitcoin. The CEO’s comment came about 24 hours before news on Musk’s investigation with the SEC.

In an interview with CNBC on the 24th of February, Siemiatkowski said he is “deeply worried” that such tweets could mislead retail traders. Speaking further in an interview with CNBC on the 24th of February, Klarna CEO called on regulators to caution such tweets to prevent people from potential losses.

As stated in a CNBC report, Siemiatkowski explained:

“It’s great that we can introduce new financial products and so forth. But they need to follow the standard regulations that we put in place and somebody needs to police that to make sure those are being met because otherwise what we will have is a lot of consumers losing a lot of money. And that’s just unfortunately what’s happening.”

Other news about cryptocurrencies can be found here.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.





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Focus on DeFi ‘fairness’ benefits Holochain, Orion Protocol and Dodo

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Bitcoin’s (BTC) strong bull run and the immense popularity of the decentralized finance space have attracted several new investors to cryptocurrencies. A report from Crypto.com shows a massive increase in crypto users as the figure rose from 66 million in May 2020 to 106 million by January this year. 

Crypto market data daily view. Source: Coin360

Contrary to the popular notion that new crypto users are mostly speculating on the price, data from Unchained Capital shows that investors who bought in the past three to five years are still holding and are not yet tempted to book profits.

Unlike the 2017 bull market where many low-cap altcoins rallied, the current bull trend has rewarded projects with strong fundamentals. Let’s have a look at three such tokens and also analyze their charts.