Tezos (XTZ) breaches bullish pattern, more bull surges ahead
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Tezos (XTZ) breaches bullish pattern, more bull surges ahead

February 19, 2020      Nick Leeson

Altseason is when altcoins surge in excess while the king coin takes a step back. The technical reason behind alt season is due to the cash flowing into Bitcoin goes into altcoins. From the looks of it, altcoins are surging. Bitcoin Cash (BCH), Bitcoin SV (BSV), Chainlink (Link), etc. Most of the altcoins are already racing towards its previous highs. Especially, the ones mentioned above.

It should be noted that this is due to altseason. Tezos, a Proof of Stake (PoS) coin, is also rising due to this same reason. Many investors were waiting for such a season, which will turn out to be extremely profitable if bought at the end of 2018.

  • Tezos has taken its place among the top 10 cryptocurrencies with its market cap of over $2.5 billion.
  • With every surge, Tezos is forming a new high, thanks to the altseason.
  • Breach of a bullish pattern shows more upside to the coin.

4-Hour Tezos Chart

Source: TradingView.

At press time, Tezos is on a bull run spree with its price forming new highs with every move. 1 XTZ is worth $3.76 and had a market cap of $2.6 billion, making it the 10th largest coin. Especially, since it has just breached an ascending right-angled triangle. The price surged by approximately 10% during the breach in under 4 hours.

The technical analysis for XTZ shows an increase in volatility for the coin with price breaching the upper band of the Bollinger Bands (BB). A subsequent walk back into the bands will cause a small retracement, perhaps to $3.57.

Unlike RSI, the Stochastic RSI leverages both momentum indicators to create a sensitive indicator that tuned to a specific asset’s historical performance rather than a generalized analysis of price change. For XTZ, the Stochastic RSI indicated an overbought sentiment, however, this doesn’t necessarily mean that the price will reverse, albeit there is a chance.

For now, the price looks bullish with a mild chance of dropping to $3.56. However, there will be a bounce from this level leading to another surge and hence another new high for Tezos.

On an off chance, the momentum of the altcoins exhaust, there is a chance that the price of XTZ might dip under $3.57, which will indicate a shift in trend towards the bears.

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#Price Prediction #Tezos technical analysis #XTZ #XTZ Tezos
Nick Leeson
Nick Leeson

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.