Tezos recovers from a bad fall, as the freezing of its assets by Binance, may have put both Tezos and its native currency XTZ in jeopardy. Thankfully, XTZ price is now showing a positive trend.
The key resistance level has been identified as $1.48.
The current price support for Tezos is $1.44.
On August 25, a group of Baking Bad network participants alleged that the cryptocurrency exchange Binance had unlawfully frozen over $1 million in assets.
Meanwhile, writers advised the Tezos community to withdraw their cash from the exchange and quit supporting the Changpeng Zhao (CZ)-led organization.
While the cryptocurrency exchange quickly denied the allegations, the XTZ price began to resemble crude oil on the charts.
At the time of writing, the price of the Proof-of-Stake (PoS) backed currency was $1.48. According to CoinMarketCap data, the price had plummeted by 10.10% the previous day.
XTZ’s drop was the greatest in the previous seven days, despite the fact that the majority of the market’s cryptos were down.
XTZ price is currently in the positive as Tezos recovers from a bad fall.
Tezos Price Is In A Breakout Zone
According to CoinMarketCap, the price of XTZ has dropped by 0.44% and is currently trading at $1.46.
On the 1-day price analysis chart, we can observe that the price of Tezos is now in a breakout zone between $1.48 and $1.44.
A step in either way might impact the following action. The bulls have been in power for the previous 24 hours, driving the price of Tezos up to $1.47.
The top limit of the Bollinger band, at $1.48, represents the highest level of resistance for the bulls, while the lower limit, at $1.42, represents the highest level of immediate support.
Because the MACD line is above the signal line, the MACD indicator is still indicating bullish momentum.
Furthermore, the RSI indicator is now increasing slowly and is at 65. This means that the bulls have the impetus to move prices higher in the near future. The positive momentum, though, would be shaken if the RSI fell below 60.
Binance In Line With Court Orders
Binance responded to the Baking Bad claim by stating that their decision was not arbitrary and that the exchange was not at fault. The transaction also stated that it was carried out in compliance with court orders.
Binance also mentioned that the Baking Bad crew had denied working together before accusing them of making a hasty decision.
So, where does XTZ stand after all of this back-and-forth? The incident appears to have had a negative impact on the XTZ/USDT four-hour chart.
Binance and Baking Bad, on the other hand, have both responded in compliance with the confiscation. Despite the XTZ contributors’ assertions that they complied with Binance’s request, the exchange admitted that there was little they could do to prevent the assets from being frozen.
The issue’s future course of action was not obvious. Furthermore, XTZ was not displaying any signs of excitement.
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