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
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.
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.
“[Versus] USD we are peaking above the resistance of the ascending triangle,” he said while pointing to the chart seen below.
Image Courtesy of Teddy
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.
Image Courtesy of Loma
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.
Featured image from Shutterstock.
