Despite the fact that we have seen a slight cooling of the crypto market due to the behavior of Bitcoin, there are some cryptocurrencies that continue to jump higher. Such is the case with Tezos, also known as XTZ, which just woke up bullish.
At the time of writing XTZ is trading at $ 3,189, accumulating a gain of 9.06% in the last 24 hours.
In this post he performed an analysis of this crypto to find out what comes next.
From the weekly chart we observe an important candle in development, with great upward force and that marks the beginning of the resumption of the medium-term trend.
After a historical maximum reached in 2020, Tezos initiated a major correction, but finally the current behavior tells us that this period ended.
With lows failing to break through supports on the weekly chart, the bears began to show signs of exhaustion, now buyers have regained control, and a new all-time high could come in the near future.
The previous ATH is at $ 4.48, and according to the scenario observed today, that price record should soon be broken.
XTZ leaves rejection in the short term, but could still continue to rise
In the short term the trend is clearer, with continuous lows and higher and higher.
After getting demand near $ 2.3, the bulls quickly started a momentum that in 2 days has already managed to create a new annual high.
The developing candle is leaving a slight bullish rejection, and although this could be telling us about a possible correction on the way, it is not yet the most likely.
Tezos (XTZ) should complete a broader momentum in the next few hours, effectively breaking the immediate resistance zone, otherwise the current gains would not be too relevant.
At the moment the odds are on the bullish side. The short-term momentum may just be beginning.
If we talk about objectives, on the daily candle chart we see an immediate resistance at $ 3.44 and a next resistance at $ 3.85.
But if we take into account that the current behavior is signifying the resumption of the medium-term trend, the real objective is to forcefully cross the area surrounding the previous historical maximum of $ 4.85.
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