In a flurry of early Valentine’s Day morning trading, Tezos (XTZ) has bounced from the low $3 range up to about $3.45. High volume contributed to the spike, and the resilient token has developed a habit of not giving in to the market’s demands that it return to previous, low levels. Flirting with $3.38 for half an hour, it then sank into the low $3.30s and finally, around 7:35, cracked the $3.40 barrier.
How high will XTZ rise today?
My target for the week for XTZ was an optimistic $5 after my initial target of $3 proved inadequate earlier this week. Current volume levels suggest that there is more to be had here than $3.45, but time will tell. The big spike to $3.80 occurred around noon CST on 2/12, so it is at least possible that volume will continue to increase in advance of the holiday weekend and we’ve already seen price levels increase dramatically this week.
Do you love XTZ?
How many people are following Tezos now? The company behind the crypto has remarkably solid tech fundamentals and a massive development warchest. Billions are being spent on the tech which will ultimately take shape on the XTZ network. The long thesis is far stronger than any bearish notions anyone might have, though these are few and far between in the online communities I’m active in.
It seems self-evident that XTZ will close today higher than it started, but the million dollar question remains: How much higher?
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