Tezos Cryptocurrency May Rally to New Highs, According to Key Bullish Factors

Tony "The Bull" Severino

5 years ago

3 mins read

tezos altcoin cryptocurrency xtzusd xtzbtc

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Few cryptocurrency assets have had as strong a showing in early 2020 as Tezos. But just as most assets got caught up in last month’s record-breaking selloff, so did the previously skyrocketing altcoin.

However, chart patterns across both USD and BTC pairs are showing signs that the asset is ready to take off once again, and could possibly rally to new highs even despite the bearish market sentiment.

Tezos Ascending Triangle on XTZUSD Pair Points to Coming Rally

Tezos is one of the cryptocurrency industry’s stand out assets that give the asset class its reputation for making investors filthy rich, and then weeks later cause them to go broke.

Crypto investors who bought the cryptocurrency on January 1, 2020, would have earned nearly 200% return on investment if they later sold the top just ahead of the catastrophic, coronavirus-fueled panic selloff in mid-March.

Those who bought in a year earlier at the start of 2019 would have over 400% returns to show for their investment.

However, coming off of highs around $4, Tezos rapidly plummeted by over 75%, taking the price of the asset to under $1 on some exchanges.

But now, XTZ/USD charts are showing what resembles an ascending triangle formation – a primarily bullish chart pattern that typically breaks upward.

https://twitter.com/teddycleps/status/1245661379094347777?s=12

After each major bottom in Tezos, the cryptocurrency has went on to set a new high. Will the cryptocurrency moon once again?

Cryptocurrency To Outperform Bitcoin According to XTZBTC Fractal

Bullish price patterns on Tezos can also be found on the Bitcoin trading pair. XTZ/BTC price charts are showing a repeating fractal pattern, where a falling wedge forms during the pullback following a double top pattern.

The pattern broke up last time on the Bitcoin pair, causing the asset to rally and set a new local high. With the pattern set to repeat, Tezos could once again surge relative to Bitcoin and outperform the leading cryptocurrency by market cap.

I saw the exact same chart now from 4 different people on my timeline so I thought it was the new thing.$XTZ / $BTC pic.twitter.com/ML3xchUu58

— Blackbeard (@blackbeardXBT) April 2, 2020

Tezos has been especially bullish across the cryptocurrency market, due to the asset’s staking feature. Investors who lock up their XTZ tokens on the blockchain will earn themselves an APY for doing so.

With the cryptocurrency providing investors returns not only through the staking APY, but also due to the asset regularly going on powerful rallies, the altcoin has gained a reputation in the crypto market for being among the to investments to make in 2020.

And with the asset poised to retake recent highs and potentially set a new peak, it is easy to see why its among one of the most heavily hyped altcoins in the market currently.

Featured image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.