image source cn

Bitwise, a digital asset management firm provides the Bitwise10 index which includes 10 cryptocurrencies among other digital securities such as a Bitcoin index. Recently, at the end of the month of November, it replaced Dash [DASH] for Tesoz [XTZ] as the 10th crypto for its’ index.

Bitwise, along with an asset management firm is one of the leading the digital asset research as well. Earlier this year, its report on the practices of wash trading and fake trading volume on CMC brought the entire industry to face hard truths.

bitwise 10
Bitwise10 Crypto Index

The allocation to Tezos can be attributed to its recent growth in price and staking popularity. Periodic returns from investing in the cryptocurrency can be earned on popular exchanges like Coinbase and Binance. Matt Casto, an analyst at CMT Digital tweeted,

I don’t have a recommendation, but it’s interesting to see the staking narrative play out as bakers need to possibly buy the underlying as well as index rebalancing.

XTZ/USD 1-Week Chart on Bitfinex (TradingView)

Moreover, Tezos [XTZ] has gained about 210% since the beginning of the year with further prospects.

Price Analysis

The cryptocurrency is currently facing resistance from it’s yearly high $1.86. The price of Tezos [XTZ] at 4: 00 hours UTC on 13th December 2019 is $1.7.

tezos usd
XTZ/USD 1-Day Chart on Bitfinex (TradingView)

After a drop in Q3 of 2019, the cryptocurrency again entered a bull run. It has gained over 36% in the last 2 weeks from $1.25. The price is significantly trading above the moving 50 and 100 day moving averages.

A break above the previous ATH at $1.86 could begin another bull run for the crypto. Nevertheless, technical analysis for the graph currently projects a possible reversal. Cryptocurrency Trader, CryptoFibonacci tweeted,

Price is outside of the upper Bollinger Band (see image above) and it is hitting a confluence of resistance. Watching the retrace.

The correction from the parabolic rise could drop the price down to $1.4 (about 80% correction from the parabola and support on the daily scale).

Do you think that it will begin another parabolic rise or the top is in? Please share your views with us. 

The post Bitwise10 Crypto Assets Index Replaces Altcoin for Tezos; Will XTZ Top at ATH? appeared first on Coingape.

Source: Coin Gape