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tezos altcoin cryptocurrency xtzusd xtzbtc

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

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news
Reading Time: 3 mins read
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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.

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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.

Related Reading | Tezos Cryptocurrency Up Over 130% Year to Date, Analyst Warns Not to FOMO 

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

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

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.

When moon?$XTZ pic.twitter.com/30NMjnmSbw

— Teddy (@TeddyCleps) April 2, 2020

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 (@crypto_blkbeard) 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.

Related Reading | Could Crypto Exchange Coinbase Be Pumping Tezos To The Moon?

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
Tags: cryptocurrencytezosxtzbtcxtzusd
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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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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