Tezos has further extended the insane uptrend that was first incurred early yesterday, and the crypto is flashing overt signs of strength
This uptrend is quickly leading XTZ up to its next major high-time-frame resistance – a level that could pose a serious to challenge to bulls
If this resistance holds strong or Bitcoin begins losing its momentum, the crypto could be in for a serious near-term correction
Tezos has been one of the strongest performing cryptocurrencies throughout the past several months, with its insane uptrend first kicking off in late-2019 and showing no signs of losing its momentum in the time since.
In spite of this strength, it does appear to be a strong possibility that the crypto sees a pullback – or even an intense correction – in the near-term that is driven by two primary factors.
These factors include a heavy overhead resistance that lies slightly above its current price levels, as well as the strong potential for Bitcoin to see near-term downside – subsequently pulling Tezos down with it.
Tezos Sees Another Strong Pump Amidst Market-Wide Rally; Will It Last?
At the time of writing, Tezos is trading up just under 13% at its current price of $2.72, up from daily lows of roughly $2.40 that were set yesterday morning right around the time its rally was first kicking off.
This movement came about in tandem by bullishness seen by Bitcoin and the aggregated crypto market, as the benchmark cryptocurrency was able to surge from the lower-$7,000 region to highs of $7,800 before facing a slight rejection.
As Bitcoin now shows some signs of entering another consolidation period, it is highly probable that whether or not Tezos and other altcoins are able to continue climbing higher will depend greatly on BTC.
Any near-term BTC downside could pull the rug out from underneath XTZ and lead it to erase the bulk of its recent gains.
Short-Term Gains but Long-Term Pain for XTZ?
The heavy overhead resistance that Tezos currently faces exists around the $3.00 region, and this may be the level that bulls aim for in the hours and days ahead – a possibility mused by a popular Twitter analyst who offered the below chart.
Image Courtesy of Satoshi Flipper
It is a possibility that Tezos will climb another roughly 10% until it reaches this level, at which point it may lose its strength and decline further.
Just as XTZ’s strong “pumpamentals” allow it to see parabolic uptrends, it also tends to see capitulatory declines.
If its overhead resistance holds strong in the coming days and Bitcoin’s momentum shows signs of stalling or reversing, this could be enough to spark a chilling correction for the cryptocurrency.
Featured image from Unsplash. origin »
The collective crypto-market registered a market cap of $285 billion. As Bitcoin grappled with a dominance of 62.8% and a dip in its value below $9,800, some of its peer altcoins maintained their bullThe post Tezos, HBAR fall on unhappy times as Algorand, VeChain resume uptrend appeared first on AMBCrypto.
The uptrend seen by the aggregated crypto market throughout January began altering into a full-blown “altseason” in early February, when Bitcoin’s break above $10,000 allowing multiple cryptos including Ethereum, Chainlink, and Tezos to see massive...
Tezos (XTZ) has been caught within an insane uptrend throughout the latter part of 2019 and the early part of 2020, with its rally kicking off shortly after Coinbase introduced its pool staking with over 5 percent rewards for platform users.
Over the past 24 hours, Tezos moved back into the top 10 cryptos by market cap, according to CoinMarketCap. Now, based on technical analysis, it seems that XTZ could be preparing to retrace before it continues an uptrend.
The latest altcoin technical analysis suggested that a correction was on the horizon following a market-wide surge. Now, it looks like the market is, in fact, retracing before there is a continuation of the bullish trend.
Long-Term Outlook A look at the Weekly chart for XTZ shows that the price made a temporary bottom near $0. 4, close to where price opened in July 2018. Since then, it initiated an upward move which took it above the 10 and 21-period moving averages, which are very close to making a bullish cross.
Sure, Ethereum is still the NFT market share leader, but there’s an ever-present ‘multi-chain future’ discussion among the NFT space. NFT marketplace leader OpenSea has exhibited open arms to this concept, adding support for chains like Polygon and Avalanche.
State Department of Motor Vehicles divisions aren’t exactly known for efficiency. However, a new pilot project from California’s state DMV could look to change that. The state is now kicking off a pilot program, which will operate on Tezos, to manage state records surrounding automotive ownership.
In December 2021, major video game publisher Ubisoft invoked a tsunami of outrage from gamers by adding non-fungible tokens (NFTs) — dubbed “Digits” — to Ghost Recon Breakpoint, one of its lowest-rated live service games.
Major video game publisher Ubisoft has revealed Quartz, the company’s new platform that will allow players to earn, collect, and trade non-fungible tokens (NFTs) in the form of so-called Digits—“the first NFTs playable in AAA games and running on energy-efficient technology.
Kalamint, the second-largest NFT marketplace on the Tezos Network (XTZ), has implemented wallet top-up through Wert.
The post Tezos-based Kalamint partners with Wert to offer credit card top ups appeared first on CryptoSlate.
Sweet, a leading enterprise NFT solutions provider, announced the integration of Tezos, an energy-efficient Proof of Stake blockchain network, to the Sweet NFT platform.
The post F1 team McLaren launches NFT fan experience on Tezos (XTZ) appeared first on CryptoSlate.
XTZ, the native token of the Tezos blockchain, is now available as part of digital assets products that Arab Bank Switzerland institutional customers can trade, stake, and custody. This was announced today through a joint press by the two organizations.
