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Home Cryptocurrency news

Tag Team of Powerful Sell Signals Could Take Tezos Down For The Count

Tony Spilotro by Tony Spilotro
9 months ago
in Cryptocurrency news
Reading Time: 3min read
tezos xtzusd xtzbtc bitcoin crypto
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With Chainlink setting a new all-time high and entering price discovery mode, all eyes turned to the altcoin called Tezos. In the past Tezos and Chainlink have risen in the same tides. If history repeats and the assets stay closely correlated, further upside could be coming for XTZ holders.

However, a tag team of sell signals on USD and BTC trading pairs could cause the sizzling hot altcoin to correct before another leg up.

Can Tezos Follow Chainlink To a New All-Time High?

Two of the crypto market’s top performers over the last several years, Chainlink and Tezos, have followed a similar path to stardom.

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Each altcoin arrived in the crypto market after the bubble burst, and aren’t tarnished by a brutal drawdown like other top cryptocurrencies. Despite similar trajectories, the two assets couldn’t be more different.

Related Reading | Small Cap Altcoins Have Outperformed Bitcoin By 5x in 2020

Tezos can be used to launch security token offerings but has thus far ballooned due to the frenzy surrounding staking. Staking provides holders of the asset with an APY return, for doing nothing more than parking the assets in a wallet.

The resulting increase in ROI has helped Tezos pick up additional steam this year, but it has yet to catch up to Chainlink in terms of performance. But because the two assets have shown such correlation, once Chainlink set a new all-time high, crypto investors turned to XTZ.

A fractal playing out across XTZ price charts very closely reflects the price action in LINK just ahead of the breakout. After the breakout, the asset entered price discovery mode and is searching for its next peak.

Meanwhile, Tezos was expected to do the same, however, a duo of sell signals may stop any further advance in the altcoin.

tezos xtzusd xtzbtc

XTZUSD & XTZBTC TD Sequential 9 Sell Setup | Source: TradingView

TD Sequential Triggers Sell Setups on XTZUSD and XTZBTC

According to the TD Sequential indicator, Tezos just gave two sell setups – one on the BTC pair, and the other on the USD pair.

The TD Sequential indicator is used to time market tops and bottoms and has done so with chilling accuracy throughout the last several years of cryptocurrency.

Several other altcoins have given such signals in recent days, suggesting that the greater altcoin market could see a drop against Bitcoin.

Related Reading | Alt Season: ‘Altcoins’ Search Volume Surges On Google Trends

During the last few weeks, altcoins have been flying against Bitcoin, allowing assets like XRP, Stellar, Chainlink, and Tezos to fly. Crypto investors have been calling it an alt season, but any ongoing altcoin performance is contingent on BTC dominance.

Bitcoin trading sideways has made for the ideal environment for alts to shine, but when the king of crypto does finally move, it could crush alts in its wake.

Tags: altcoinchainlinkcryptoLINKBTCLINKUSDtezosXTZxtzbtcxtzusdXTZUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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