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Home Cryptocurrency news

Tezos Cryptocurrency Bull Pennant Points to Imminent Altcoin Season

Tony Spilotro by Tony Spilotro
11 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
tezos cryptocurrency altcoin
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The unstoppable altcoin asset that’s taken the cryptocurrency market by storm, Tezos, has potentially formed a bull pennant on both the XTZUSD and XTZBTC pairs, signaling that a powerful breakout could be coming causing the asset to rally against both the dollar and Bitcoin.

Tezos Bull Pennant Signals Potential Rally In Coming Days Across Crypto Market

Tezos is among the top performers of the year thus far, with the altcoin’s massive gains from both a powerful rally and annual staking rewards proving to be extremely attractive to crypto investors who have watched most other assets decline for the better part of the last two years.

The bear market has caused cryptocurrency prices to fall as much as 99% from all-time high records set at the height of the crypto hype bubble.

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

But Tezos completely missed that boat, and the bright star standout altcoin hasn’t been tarnished by the negative sentiment or droves of underwater investors just dying to dump their assets at breakeven after holding for two long years.

Due to this, Tezos has enjoyed exceptional hype and bullish momentum, bringing the asset over 200% returns before the coronavirus panic selloff cut the asset and nearly every other financial asset down to size.

However, Tezos has since showed a strong recovery and a bull pennant on both the XTZUSD and XTZBTC pairs are pointing to another move higher.

xtzusd tezos cryptocurrency

XTZBTC Chart Pattern Points To Potential Altcoin Season and Bitcoin Outperformance

Tezos isn’t just signaling that it and potentially other cryptocurrencies may push higher on the XTZUSD pair, it’s also showing a bull pennant on the XTZBTC trading pair as well.

A rise in crypto assets across the USD trading pairs means that both Bitcoin and altcoins are growing in tandem. But bullish momentum for altcoins on the BTC trading pair means that an altcoin season – even if short-term – could be upon us.

xtzbtc tezos cryptocurrency

Tezos has been leading the market in recent months, alongside Ethereum. If the two cryptocurrencies continue to show bullish signals against Bitcoin, there could be a period of altcoin outperformance, dubbed an alt season.

Related Reading | Whales Double Down on Tezos Cryptocurrency Amidst Retail Driven Selloff 

Bitcoin dominance has broken down from a long-term trend line and could be headed much lower, potentially leaving room for altcoins to rally. Before the coronavirus selloff, altcoin buy volume reached record levels, potentially signaling a bottom was in and that the assets would soon grow in value.

The recession put a damper on those plans, but hopefully, the altcoin season that was in the beginning stages back then, still can happen – it may just take longer for these altcoins to build additional momentum against Bitcoin once again.

Featured image from Pixabay
Tags: altcoincryptotezosxtzbtcxtzusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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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