Tezos could see a major rally of 100% ahead as the analysts are confirming the bullish trends that were preparing in the past could of weeks. The uptrend it incurred this time last week however is starting to stall as we are about to read more in the upcoming Tezos XTZ news.
It seems that the resistance laced in the mid $4.00 region and this was quite intense which was stopping the asset from posting further gains as of late. The analysts are noting that the token could be poised to see more upsides in the mid-term but it could have to enter a short-term consolidation phase. As for where it could trend on once it resolves the consolidation phase, traders are expecting to see a major upside.
In one scenario by one popular analyst, Tezos could see a major rally of 100% ahead that will lead the price all the way up to the $8.00 region. This could make a huge rise from the recent lows of $3.00 that were set last week. At the time of writing, Tezos is trading down at a price of $4.10 which is around where it was trading over the past few days. The cryptocurrency was caught in a strong uptrend since August started and rallied from $2.80 to $4.40. After hitting the high earlier this week, the price dropped and entered a consolidation phase which persisted since then.
While speaking about Tezos’ market structure, one analyst said that by holding the lower region will be important for XTZ to see further upside in the upcoming days and weeks. He explained that a sustained bout of trading in this region will be enough to send the price to $5.00:
“Tezos: Crucial areas to hold is basically the $4 area. Next resistance after this previous high (which would mean that the uptrend is still continuing) is the $5 area.”
Another trader even said that he is looking for a significant upside target for Tezos in the upcoming weeks and he believes that once it will start a consolidation phase and it gets resolved, it will see a sharp move to the mid $8.00 region:
“XTZ is still on pace btw. Chop / accumulation was expected here.”
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