The tezos long-term price analysis shows that the altcoin is noting amazing returns with the altcoin surging by 46% in less than two weeks. The market cap stood at $2.6 billion with the crypto being positioned below EOS on the charts as we are reading more in the upcoming Tezos XTZ news.
With the altcoin price surging, XTZ’s time arrived and it seems to be preparing for more.
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The chart attached shows the weekly price action for XTZ and it can be seen that the findings are bullish considering the three higher highs that were forming in the past 2 months. The Tezos long-term price analysis shows that things are turning bullish especially for altcoins. The weekly charts suggested that a close above $3.21 will be bullish for the asset but anything below the level could have a chance of retracement. If there’s an unsuccessful close above $3.21 will push the price down to $2.77 which is a 13% drop.
The RSI is the supporting factor for the weekly close above $3.21 since it hasn’t hit the overbought zone yet but a close above the level could push the price to $3.59 which is considered a 10% surge from the press time level. The hourly charts for Tezos shed more light of the retracement and as seen in the chart the drop could not extend to as low as $2.77 without testing the support of $3.063. A short position at the press time with the RR of 1.69 can be obtained with the profits ranging up to 4-5% while risking the 2.7% of the capital.
However, the stop-loss points can be later adjusted since the risk exposure is different. A small retracement before XTZ hit a new high seems likely especially with the bearish divergence forming between the Relative Strength Index and the price. Once the overall trend is up, it will be appropriate if the profits are set at $3.063 while waiting before opening new positions.
XTZ utilizes a proof-of-based consensus model that isn’t dependent on mining for its blockchain protocol, unlike Ethereum. Tezos employs a democratic model where stakeholders have a hand in managing the protocol which is known as the self-amending blockchain. One of the big takeaways from this model is that the hard forking is avoided which is the exact same thing that caused Bitcoin cash to break off from Bitcoin and Ethereum to break off from Ethereum Classic.
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