This Crypto Could Rally 40% in Coming Days After a Highly Bullish Breakout

- Advertisement -

[NEWS BLOG]: This Crypto Could Rally 40% in Coming Days After a Highly Bullish Breakout

The aggregated crypto market saw a notable rally today that was led by Bitcoin’s surge past the heavy resistance it was facing at $7,000. This allowed altcoins like Tezos to gain some independent momentum, with XTZ significantly outperforming BTC.

This momentum seen by Tezos may be just be a hint of what’s coming in the days and weeks ahead, as analysts are noting that it broke above a key horizontal resistance that may give it room to rally further.

The altcoin was also able to break out of a bullish technical pattern that it had been establishing, leading analysts to claim that its next uptrend could be intense.

"Tezos Sees Explosive 10% Rally After Confirming Break of Bullish Technical Formation "

It now appears that the highly bullish crypto is breaking above the upper boundary of an ascending triangle that it had been forming throughout the past few weeks.

One popular crypto analyst on Twitter pointed to this pattern in a recent chart, noting that the upper boundary of this pattern exists around $1.81, which means that its latest upwards movement marked a firm break above this level.

At the time of writing, Tezos is trading up just under 11% at its current price of $1.86, which marks a massive climb from daily lows of $1.65 that were set yesterday while the crypto was caught within an extended bout of sideways trading.

Today’s rally has allowed XTZ to outperform Bitcoin by over 4%, which is a common trend today amongst many major altcoins.

"XTZ Could Soon Rally 40% After Breaking Key Resistance"

As for where this next rally could lead Tezos, one analyst is noting that he first expects it to reach roughly $2.00, which is where its near-term resistance sits.

If it is able to surmount this level, then it appears to be clear skies until it reaches roughly $2.60, which would mark a 40% climb from its current price levels.

Loma, a well-respected crypto trader, spoke about these levels in a recent tweet, concisely stating that he will be trading the two aforementioned resistance zones accordingly.

Tezos’ momentum may remain somewhat dependent on that of Bitcoin, but assuming that BTC is able to climb higher or remain stable in the days ahead, it is likely that XTZ will see an extension of this uptrend.


- Advertisement -

OTHER RELATED NEWS

Not Convinced New Investors are Buying Bitcoin, Top Analyst Says

While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.

Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.

Buying Sentiment on Hold

Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. - read more.

Biggest Crypto Price Movements of 2019 - FOR XRP

The start of 2020 is a great time to look at the path travelled by cryptocurrencies up and down the price charts and analyze how these coins have been performing throughout the previous year. The prices of most cryptocurrencies changed tremendously throughout 2019, as the year started off slow but then saw most cryptocurrencies jump in value over the first six months.

However, some like Luna Coin (LUNA) exhibiting a considerable growth of 48,900%. Others, such as Lumen (XLM), lost more than half their price value and tumbled from the pedestal of crypto glory. DogeCoin (DOGE) demonstrated the lowest volatility, which is entering 2020 - read more.

Bitcoin Plays With USD 9,000, While Virus Fears Weigh on Stocks

Bitcoin (BTC) is once again trading around USD 9,000, while the risk-off sentiment has hit stock markets across the globe hard in recent days.

At pixel time (10:35 UTC), BTC trades at c. USD 9,010 and is up by 4% in the past 24 hours and the past week. Earlier today, the price reached USD 9,100 before dropping to almost USD 8,900 and moving back to USD 9,000.

Also, while the U.S. S&P 500 stock index has sold off about 2.2% over the past three days, the number one cryptocurrency is up by about 8% over the same time period.

Although - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]