Tezos XTZ Price Analysis Shows 12 Percent Recovery

The Tezos XTZ Price analysis shows that the altcoin has recovered around 12 percent on Friday after dropping heavily during the Coronavirus pandemic panic when most of the markets crashed. There are some bullish patterns forming on the lower timeframes including an inverted head and shoulders on the 7-day charts as we are seeing in the Tezos price news today.

The Tezos price was crushed over the past week as the general sentiment was low. On Thursday, the XTZ/USD pair dropped more than 45 percent in the bearish move as most of the altcoins crashed as well. It was not until the digital assets felt a major pain as the gold and stocks crashed and burned. It seems like cash is king right now with the dollar regaining stability.

Looking at the charts, it seems that the Tezos XTZ price analysis shows a big consolidation pattern and forming an inverse head and shoulders pattern. This pattern is bullish traditionally but will only be confirmed when the neckline breaks closer to the 2.00 level. The target will be the total length of the pattern from start to finish. Right now, this pattern stands at just over 48 percent which sounds like a lot but there are rules for the chart pattern as well.

As per the recent Tezos price news, The on-chain governance characteristics for Tezos are working smoothly now and allow for the new upgrade to go live on the network. Right after Tezos upgrades, the Tezos price surged. The entire network was upgraded to protocol 006 after the on-chain governance process so the self-amending governance network moved from Babylon to Carthage at the block 851,969 which brings a gas limit increase and other smaller issues that needed fixing on the network.

Tezos XTZ staking is thriving but the fees are as high as 30 percent which is not uncommon among the staking providers. A huge part of the growth in staking is mainly thanks to centralized services such as Coinbase. The Tezos XTZ staking on centralized exchanges increased dramatically over the past month and 27 percent only in January. Coinbase has about 8 percent of the network stake through a balance of 58 million XTZ which makes it the biggest staking provider for Tezos despite the high fees.