Crypto News

This Crypto Could Rally 40% in Coming Days After a Highly Bullish Breakout

The aggregated crypto market saw a notable rally today that was led by Bitcoin’s surge past the heavy resistance it was facing at $7,000. This allowed altcoins like Tezos to gain some independent momentum, with XTZ significantly outperforming BTC.
This momentum seen by Tezos may be just be a hint of what’s coming in the days and weeks ahead, as analysts are noting that it broke above a key horizontal resistance that may give it room to rally further.
The altcoin was also able to break out of a bullish technical pattern that it had been establishing, leading analysts to claim that its next uptrend could be intense.
Tezos Sees Explosive 10% Rally After Confirming Break of Bullish Technical Formation 
At the time of writing, Tezos is trading up just under 11% at its current price of $1.86, which marks a massive climb from daily lows of $1.65 that were set yesterday while the crypto was caught within an extended bout of sideways trading.
Today’s rally has allowed XTZ to outperform Bitcoin by over 4%, which is a common trend today amongst many major altcoins.
It now appears that the highly bullish crypto is breaking above the upper boundary of an ascending triangle that it had been forming throughout the past few weeks.
One popular crypto analyst on Twitter pointed to this pattern in a recent chart, noting that the upper boundary of this pattern exists around $1.81, which means that its latest upwards movement marked a firm break above this level.
“[Versus] USD we are peaking above the resistance of the ascending triangle,” he said while pointing to the chart seen below.
Image Courtesy of Teddy
XTZ Could Soon Rally 40% After Breaking Key Resistance
As for where this next rally could lead Tezos, one analyst is noting that he first expects it to reach roughly $2.00, which is where its near-term resistance sits.
If it is able to surmount this level, then it appears to be clear skies until it reaches roughly $2.60, which would mark a 40% climb from its current price levels.
Loma, a well-respected crypto trader, spoke about these levels in a recent tweet, concisely stating that he will be trading the two aforementioned resistance zones accordingly.
Image Courtesy of Loma
Tezos’ momentum may remain somewhat dependent on that of Bitcoin, but assuming that BTC is able to climb higher or remain stable in the days ahead, it is likely that XTZ will see an extension of this uptrend.
Featured image from Shutterstock.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Technicals Suggest Bitcoin Needs To Clear $9,800 For Hopes of a Fresh Rally
Bitcoin is currently correcting higher from the $9,300 support against the US Dollar. BTC price must clear the $9,740...
Podcaster Joe Rogan Uses Crypto-Powered Brave Browser
Joe Rogan and Reggie Watts just talked up Brave to millions of people. Podcaster Joe Rogan has revealed that...
Hive’s Transactions Overtake Steem’s as Splinterlands Joins the Rebellion
The most-popular Steem DApp has moved to Hive, resulting in daily Hive transactions overtaking Steem for the first time....
US Regulators Target Bitcoin ATMs: 88% of the Funds Exit the Country via Machines
Bitcoin automated teller machines (BATMs) will become the next target for regulators, as world governments tighten screws on money...
‘Crypto Mom’ Nominated to Serve as SEC Commissioner Until 2025
Hester Peirce, affectionately known as ‘Crypto Mom’, looks set to serve in the US Securities and Exchange Commission until...
Walmart China Subsidiary Teams Up With VeChain to Trace Food Products
VeChain has partnered with a Walmart China subsidiary to increase supply chain transparency for its food products. Sam’s Club,...

Featured Crypto News

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next
Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared...
Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade
Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central...
Coinbase Now Supports Tezos Staking Rewards for UK and Some EU Users
Major crypto exchange Coinbase is rolling out Tezos staking rewards for users in the United Kingdom and three European...
Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...