Poloniex Lists Tezos (XTZ), Should We Expect Price Boost?

Poloniex lists tezos on its exchange as the tenth most prominent cryptocurrency. The traders will now be able to post limit orders for three trading pairs with Tether, Tron, and Bitcoin as the base currencies as we are reading in the Tezos news today.

As per the latest reports, Poloniex lists Tezos after it spun out from its parent company Circle after it got acquired by an Asian group back in November. It turned out later that Justin Sun, who is the CEO of TRON, also purchased a stake in the exchange. The exchange went under fire back in December after urging the followers to buy Tron, but the tweet has been since deleted.

XTZ became the latest coin to be listed on Poloniex after the added support for Chainlink, which is now on the 14^th place by market capitalization. Poloniex was one of the top crypto exchanges, but it has seen a steady decline in the number of online users and BTC reserves over the past two years. This only explains why the Tezos price barely made it to the listing. The token is now up by more than four percent, trading at $1.74.

XTZ shoots for a $2 price range after more than two years of litigation, and the Tezos Foundation agreed to settle the lawsuit levied against by early investors that reached $25 million. This could open the door to another XTZ rally as a new key barrier to development, which could be soon lifted as we are reading in the tezos news.

XTZ is rising on top of the channel, and there has been a visit to the bottom and a bounce back again. So, now that Tezos took a 70% nosedive to the lower boundaries of its channel, it appears that the support near the token was able to hold. Breaking the resistance trendline that sits around $1.8 could trigger a new break out of the pattern and ignite a spike for XTZ.

In Thursday’s report, the Tezos Foundation claimed that it had no plans to liquidate any of the XTZ, which was allocated from the genesis block (generated from its baking activities), which is a form of staking used to produce blocks as well as secure the Tezos protocol.