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Throughout the course of the crypto market’s intense 2020 uptrend, Tezos has been one of the best performing cryptocurrencies, posting an insane rally that recently allowed it to set fresh year-to-date highs.
This intense rally has been able to extend further over the past couple of days, despite some turbulence seen by Bitcoin and other major altcoins.
This has led analysts to note that the crypto could be poised to see significantly further upside, with a potential break above a key level that it is hovering just below catalyzing significantly further upwards momentum.
Tezos Enters Bullish Consolidation Phase as Analysts Further Upside
At the time of writing, Tezos is trading down just under 1% at its current price of $3.07, which marks a slight decline from daily highs of $3.28.
Although the crypto has seen some downside over the past 24-hours, it is important to keep in mind that it is still trading up significantly from weekly lows of $2.55, with its price action seen throughout the past couple of days marking a consolidation phase.
Analysts are now widely noting that Tezos’ ongoing bout of consolidation can be categorized as bullish, which is leading some analysts to note that it could be well positioned to “run heavily” in the coming days and weeks.
Cold Blooded Shiller – a prominent cryptocurrency trader with a track record of accuracy – spoke about the crypto in a recent tweet, telling his followers that a break above a descending resistance level that it is currently caught below could catalyze significant momentum.
“XTZ consolidating nicely after the range break from below. Break through and I think we’ll run heavily again,” he explained.
$XTZ consolidating nicely after the range break from below. Break through and I think we'll run heavily again.
We'll see if we get any correlation with $LINK… pic.twitter.com/SAx9u0AvPM
— Cold Blooded Shiller (@ColdBloodShill) March 7, 2020
This Bullish Technical Structure Could Lead the Crypto Towards All-Time Highs
Shiller isn’t the only prominent cryptocurrency analyst that is currently bullish on Tezos, as Crypto Michaël – another popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes that XTZ could soon rally up towards its all-time highs at $3.80.
“Tezos: And bounced back from $3.25 to retest the previous resistance area for support -> done. Looks like we’re going towards $3.55-3.60 & perhaps $3.80,” he explained.
And bounced back from $3.25 to retest the previous resistance area for support -> done.
Looks like we're going towards $3.55-3.60 & perhaps $3.80. pic.twitter.com/Xphs91wRRP
— Crypto Michaël (@CryptoMichNL) March 6, 2020
If Tezos is able to maintain its bullish market structure and recapture its position above $3.25, it is highly probable that the crypto will post significantly further gains in the days and weeks ahead.
Featured image from Shutterstock.
