Nick Chong · 2 days ago · 2 min read
Tezos › Altcoins
The Tezos Foundation brings in Roman Schnider, the co-creator of PricewaterhouseCooper
Disclaimer: This article contains technical analysis, which is a methodology for forecasting the direction of prices through the study of past market data, primarily price and volume. The content presented in this article is the opinion of the author. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence and consult with a financial advisor before making any investment decisions.
The Tezos Foundation recently announced that the co-creator of PricewaterhouseCooper (PwC) Switzerland’s Blockchain initiative will be joining the team to strengthen its operations in the country.
A stronger foundation
Roman Schnider is an investment banking expert with almost 15 years of experience in PricewaterhouseCooper, which is one of the Big Four accounting firms that provide professional consulting and auditing services. Over the past year, the analyst had been working as an external auditor of the Tezos Foundation’s finance and business operations allowing him to have a broader understanding of Tezos.
Ryan Jesperson, the president of the Tezos Foundation, stated:
“As the foundation continues to provide resources to a growing Tezos ecosystem, the CFO and operations lead will be critical to our success. Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC.”
Schnider will be replacing Eelco Fiole as CFO, to which the financial specialist commented:
“I sincerely look forward to joining the Tezos Foundation. Together, we will work to serve and support the Tezos community in the most effective, efficient and transparent way possible.”
The Foundation has been taking different steps towards strengthening its team and the Tezos (TXZ) network. Recently, it announced that it will be funding four projects to make development and blockchain analysis more accessible and user-friendly.
We are thrilled to support @TezosBakingBad, @POKTnetwork, @papersDev/@AirGap_it, and @_kidtsunami to help make #Tezos more accessible via developer tools & block explorers! And announcing our next public call for ecosystem grant proposals! More info here: https://t.co/n8RsbLSoyU
— Tezos Foundation (@TezosFoundation) June 10, 2019
In addition, in an attempt to demonstrate that Tezos can become an open infrastructure for social and economic coordination that governs and upgrades itself, it went through its first amendment process. The result was the activation of a new protocol, dubbed ‘Athens,’ that intends to increase the gas limit and reduce the unit of account for Tezos proof-of-stake.
The amendment process successfully completed with the validation of block 458753, activating the new #Tezos protocol.
— Tezos (@tezos) May 30, 2019
Although the recent announcements coming out of the Tezos Foundation have been positive for the future of the cryptocurrency, there has not been a lot of action in its price.
Tezos Technical Analysis
On the 3-day chart, it can be seen how TXZ moved below the 7-three-day moving average and now the 30-three-day moving average has been acting as a strong support level for the last ten days. A break below this moving average could take Tezos down to around $0.90, where the 50-three-day MA is currently sitting at.
To the upside, there is strong resistance at $1.40, $1.85, and $2.50.
The TD Sequential Indicator has given a buy signal with a red nine candlestick on the 1-day chart. Although the bullish setup has not been validated yet, if a green two candlestick starts trading above a green one TXZ could try to reach the setup trendline at $1.60.
The Bollinger bands are beginning to squeeze on the 12-hour chart indicating that a period of high volatility could come soon. Also, a double bottom or “W” pattern could be forming, which predicts a reversal move to where Tezos started falling, which is around $1.60. This could validate the outlook given by the TD Sequential Indicator on the 1-day chart.
Tezos has experienced a 450 percent increase in its market valuation since the beginning of the year. Even though the recent news has not had a direct impact on its price, it seems like TXZ could be about to surge another 30 percent.
This cryptocurrency has demonstrated its ability to self-amend and self-govern by going through its first voting process and as the year progresses there will likely be more updates coming from the Tezos Foundation.