Tezos Announces Positive Carbon Footprint Data, Rips Higher

Tezos XTZ/USD is trading significantly higher Tuesday after the blockchain network released its carbon footprint report. The report highlights that the network saw a significant decline in carbon emissions, despite a rise in network activity. Tezos said the whole network constituted an energy footprint of 17 world citizens.

Tezos is up 32.76% at $5.31 over 24 hours.

Tezos Daily Chart Analysis

• The crypto pushed higher toward resistance and looks to be trading in what technical traders call a downward channel pattern.
• Connecting the highs and lows show a parallel channel with a downward slope. This channel has held as support and resistance in the past before and will continue to until one of the levels has been broken.
• The crypto is trading below the 50-day moving average (green) but above the 200-day moving average (blue) indicating the crypto is likely in a period of consolidation.
• The 50-day moving average could hold as an area of resistance , while the 200-day moving average will likely hold as an area of support.
• The Relative Strength Index (RSI) saw a jump back higher and now sits at 50 on the chart. This shows that buyers have entered into the chart and now buying pressure is now equal to the selling pressure.

What’s Next For Tezos?

Bullish traders would like to see the crypto break above the pattern resistance and see a consolidation period above the area. This could show the crypto is breaking out and ready to make a move higher.

Bearish traders are looking to see the crypto continue to trade within the pattern. This trend has been downward facing, and if the crypto stays within the pattern it will continue to push downward. Bears are looking for the price to fall below pattern support at some time for a possible strong bearish push lower.