The crypto market has seen a slight rebound today as Bitcoin and major altcoins like Tezos to put some distance between their current prices and their recent lows. This bullishness has been highly tempered, however, as BTC has already begun inching lower.
One major crypto has been able to significantly outperform Bitcoin and other major digital assets, and it is now fast approaching a key level that could spark some intense bullishness.
Now, one prominent trader is noting that a break above this level may lead this cryptocurrency to enter a fresh parabolic uptrend that catalyzes unprecedented gains of 100% or more.
Tezos rallies amidst market-wide rebound as investors eye further upside
Tezos has been one of the best performing cryptocurrencies throughout late-2019 and early-2020, with its intense uptrend allowing it to recently set fresh all-time highs, posting gains only rivaled by those seen by Chainlink.
This intense uptrend has shown some signs of stalling over the past few weeks, with the crypto retracing significantly from its all-time highs of $3.80 in late-February to recent lows of $2.40.
Tezos has been able to recover from these lows, however, and analysts are now noting that it is currently caught within a pennant that could determine its near-term fate – with a break above the upper boundary leading it to rally to all-time highs.
Teddy – a prominent cryptocurrency analyst on Twitter – spoke about this pennant in a recent tweet, explaining that its reaction to this technical formation will set the tone for where it trends in the days and weeks ahead.
“XTZ: Not in a position, but looking at this pennant to break in either direction. – Upwards: I’ll buy breakout and ride it to new ATHs – Downwards: I’ll buy the retest of previous resistance as support.”
Analyst: technical strength likely to lead the crypto towards $5.80
Although pennants like one seen above can break in either direction, the overt technical strength of Tezos seems to insinuate that the cryptocurrency will soon see further upwards momentum.
George, another well-respected trader, recently noted that he believes the crypto’s strong reaction to key support around $2.40 will lead it to climb significantly higher, offering a chart showing a target of $5.80.
If the rough timeline offered on the above chart does prove to be accurate, this over 100 percent rally could come about in the next few days, marking a significant extension of its intense multi-month uptrend.
Posted In: Tezos, Altcoins, Analysis
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