Tezos: Decoding the aftermath of XTZ’s listing on Robinhood
Main centralized cryptocurrency alternate Robinhood announced the addition of Tezos [XTZ] as a tradeable crypto asset on its platform on 24 October. The addition to Robinhood led XTZ to exhibit an attention-grabbing efficiency within the final 24 hours.
AAVE @AaveAave and XTZ @tezos at the moment are on Robinhood #CryptoListinghttps://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) October 24, 2022
Apparently, whereas its worth solely rallied by 1.5% within the final 24 hours, the coin registered a surge in its buying and selling quantity inside the identical interval. In accordance with knowledge from CoinMarketCap, the asset’s buying and selling quantity had gone up by over 200%.
Robinhood did not ship
Itemizing an asset on Coinbase is a certain system for transient development within the asset’s worth. That is sometimes called the “Coinbase Impact.” Sadly, whereas Robinhood is a high alternate, the overall market’s divestment from speculative asset lessons in current instances has led to its failure to ship the identical ends in the case of XTZ.
AAVE was additionally introduced to have been listed concurrently as XTZ. Nonetheless, its worth declined by 4% within the final 24 hours whereas its buying and selling quantity solely rallied by 18% inside the identical interval.
Outlook doesn’t look excellent
On the time of writing, XTZ exchanged palms at $1.37. $48.55 million had been traded within the final 24 hours. In accordance with Coinglass, of the whole $42.54 million taken out of the cryptocurrency market within the final 24 hours, XTZ’s liquidation totaled $67,068.
Supply: Coinglass
The descent of XTZ’s worth to the $1 area began in October 2021. The asset’s worth has since declined by 81%. On a year-to-date foundation, XTZ’s worth has decreased by 68%.
Having traded in a good vary since 11 October, its worth has since oscillated between the $1.3 and $1.4 worth area. On a each day chart, promoting stress was noticed mounting.
The asset’s Chaikin Cash Movement rested under the middle line to publish a detrimental worth of -0.10. Positioned in a downtrend at press time, Robinhood’s itemizing did not provoke any uptick in shopping for momentum within the final 24 hours for the #42 crypto asset.
Additionally, the Relative Energy Index was 46, at press time. This lent additional credence to the place that fewer patrons have been current within the XTZ market.
A have a look at the Directional Motion Index (DMI) revealed that XTZ sellers had management of the market on a each day chart. At press time, the sellers’ power (crimson) at 20.30 was solidly above the patrons’ (inexperienced) at 14.14.
Supply: TradingView
Whereas itemizing on Robinhood is sweet for XTZ in the long run, traders may fail to spot its affect in the mean time, because of the overall state of the market. Bias remained considerably detrimental at press time, despite the itemizing.
Supply: Santiment
