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Home Cryptocurrency news

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

Tony Spilotro by Tony Spilotro
8 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin

Business team investment working with computer, planning and analyzing graph stock market trading with stock chart data, business financial investment and technology concept.

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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.

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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.

Tags: altcoinaverage directional indexchainlinkcryptotezosXTZxtzbtcxtzusdXTZUSDT
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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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