The tezos cryptocurrency has returned down to Earth after the skyrocketing since the start of the year. However, according to one crypto analyst, a moon mission is next for the Tezos cryptocurrency after the inverted hammer reversal candle as we are reading in the tezos price news.
A few other altcoins had a strong start of 2020 as Tezos did as the almost 200% price rally took the coin to as high as $4 before the recent market crash halved the assets down to their current state. Like most of the cryptocurrencies, Tezos dropped by more than 50 percent during the coronavirus pandemic crisis hit. The traditional assets such as the stock market and the gold also suffered record-breaking losses. The collapse of the prices took Tezos back to a dollar which is a 75 percent decline but the assets are quite strong and before the sell-off, Tezos will rebound quite fast.
According to another crypto analyst, Tezos will do just that on the XTZ/BTC trading pair where the asset will start a massive moon mission against Bitcoin in the close future. The powerful move to the upside is expected to follow the inverted hammer candle which is a common reversal candlestick that looks like a hammer. The inverted hammer formations are often created when the open and close with the proximity upper wick at least twice the size of the candle body is left behind.
The XTZ price action shows a defense level by the bullish investors and traders and the candle could tip off the analysts about what can they expect for the future price movements which could be a bullish momentum. This could signal that the buyers are outweighing the sellers and the XTZ price could soon start a reversal trend. The investors are also quite bullish on Tezos still. From the 2018 bottom to the recent peak, Tezos grew by value by more than 400%, reaching a reputation for providing huge profits for the crypto investors.
The value helped the tezos cryptocurrency to enter the top ten cryptocurrencies by market cap and earned increased visibility with the investors and placed itself among the safer investment cryptocurrencies in the space. Tezos also offers an annual APY return in more XTZ tokens, tor everyone, that stakes their holdings on the blockchain.
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