Crypto Technicals: XTZ/USD soars over 30% as Coinbase announces secure staking rewards on Tezos

XTZ/USD chart - Trading View

Exchange - Kraken

Support: 1.0403 (100-DMA); Resistance: 1.1433 (200-DMA)

Technical Analysis: Bias Bullish

Tezos spiked over 30% since Wednesday from around $0.90 to highs of $1.2522.

XTZ/USD has erased some of the day's gains and was trading at 1.1216 at 07:00 GMT.

The surge was a result of and announcement on Wednesday from Coinbase, a leading U.S. cryptocurrency exchange that it has started offering “easy, secure way to earn staking rewards on Tezos.”

Tezos bucked the general crypto-market trend to surge higher. Technical studies have turned bullish.

Stochs and RSI are sharply higher. Price action has broken above daily cloud and 100-DMA.

200-DMA is stiff resistance at 1.1433. Close above will see test of 61.8% Fib at 1.4854.

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