The price of Tezos (XTZ) is jumping strongly to the upside. Want to know what’s coming next, I invite you to check out this post.
Although we have seen a slight cooling of the crypto market due to Bitcoin’s performance, there are some cryptocurrencies that continue to jump higher. Such is the case with Tezos, also known as XTZ, which has just woken up bullishly.
At the time of this writing XTZ is trading at $3,189, accumulating a gain of 9.06% in the last 24 hours.
In this post he conducted an analysis of this crypto to find out what comes next.
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In the medium term, Tezos (XTZ) still has good ground to cover.
From the weekly chart we see a major candle developing, with strong bullish strength and marking the start of the resumption of the medium-term trend.
After an all time high in 2020, Tezos started a major correction, but finally the current behaviour tells us that this period is over.
With lows failing to break through support on the weekly chart, the bears started to show signs of exhaustion, now buyers have regained control, and a new all-time high could come in the near future.
The previous ATH is at $4.48, and according to the scenario seen today, that price record should soon be broken.
Weekly chart of the Tezos price. Source: ProBit.
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The short-term trend is clearer, with continued higher lows and higher highs.
After getting demand near the $2.3 level, the bulls quickly started a momentum that in 2 days has already managed to create a new yearly high.
The developing candle is leaving a slight bullish rejection, and although this could be telling us of a possible correction on the way, it is not yet the most likely.
Tezos (XTZ) should complete a larger impulse in the coming hours, effectively breaking the immediate resistance zone, otherwise current gains would not be too relevant.
At the moment the odds are on the bullish side. The short term momentum may be just beginning.
If we talk about targets, the daily candlestick chart shows an immediate resistance at $3.44 and the next one at $3.85.
But if we take into account that the current behaviour is signifying the resumption of the medium term trend, the real target is a strong break through the area around the previous all time high of $4.85.