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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tezos Surges 45% Month To Date, Why This Is Just The Start

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin

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Tezos, a close contender for the top ten cryptocurrencies by market cap, has gone on a powerful, over 45% rally in the last 11 days. These incredible month-to-date gains are nothing compared to the asset’s past two years of returns. And if a trend measuring indicator accurately predicts future price action in the altcoin, August’s gains are just the beginning.

Tezos One-Month ROI For August Reaches 45%, 200% YTD

Altcoins all across the crypto market are exploding and bringing investors substantial gains. In the past, Tezos was tightly correlated with Chainlink, prompting the two assets to rally hand and hand. However, a new crypto token competing with Chainlink, Band Protocol, has taken over in terms of correlation with the decentralized oracle project.

Nearly every other altcoin had its day in the limelight, but Tezos has continued to slumber. Recently, the sleeping giant has been awakened, prompting a 45% bull run over the last ten days or so.

Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History

The altcoin rose from just over $3 to as high as $4.30 per XTZ token before pulling back. Months ago, Chainlink was trading at a similar level, but after breaking upward went into price discovery mode and is now trading well over $10 per LINK token.

According to a trend strength measuring indicator, Tezos may follow in Chainlink’s footsteps toward ten bucks a token, starting right now.

XTZUSD Monthly - ROI Compared  | Source: TradingView

Average Directional Index Indicator Suggests Momentum Is In Bulls Favor

Tezos is among the few untarnished altcoins out there, that was born after the crypto bubble burst and amidst a bear market. While other altcoins fought hard against negative sentiment and deep drawdowns, Tezos and select others have had nothing but positive momentum.

From the asset’s low in 2019, it is up over 1000% on the USD trading pair. Since the start of 2020, Tezos has rallied over 200%. And in the last month alone, it is up 45% and climbing.

According to similar conditions on the Average Directional Index, Tezos’ rally has only just started.

tezos xtz adx

XTZUSD 5D Average Directional Index | Source: TradingView

Weeks ago, at the start of July, Tezos had a bullish crossover on the Directional Movement Index included on the ADX indicator. The ADX itself, however, is only just now passing above a reading of 20. 20 is the level at which a trend is considered to have legs and is likely to continue.

The higher the reading goes, the stronger the trend, but the closer the trend is to reversing. But a reading of 20 and above is extremely bullish along with a supporting crossover.

Related Reading | Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

The last time Tezos saw similar conditions on the ADX indicator, it rose by another 150% from the time the ADX hit 20 until the trend peaked. With the ADX just now passing 20, there’s plenty of room for bulls to run.

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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