Tezos XTZ Outperforms Bitcoin’s Price By Almost 16%

Tezos XTZ outperforms Bitcoin’s price by 15.76% to a new 19-month high at $2.24 as we are about to see more in the following Tezos price news.

Since the start of this year, Bitcoin gained more than 41% and many of the investors were thrilled as the price broke through the $9,500 resistance and rallied to grab the new yearly high of $9,745. During the strong trend of Bitcoin and its reversal from the bottom in 2019 at $6,400, there are a lot of altcoins that have surpassed Bitcoin’s gains so far. For example, Tezos XTZ outperforms Bitcoin’s price and it has even rallied 205 percent from its 2018 low at $0.728.

As bitcoin rallied 6.14 percent, tezos skyrocketed by 15.76 percent and aside from the recent bullish market trend, this makes it easy for a lot of other altcoins to produce double-digit gains and the exchanges have even stated offering staking rewards for investors who hold XTZ. This week, Binance announced to be adding XTZ/USDT perpetual contracts and this new option will allow the traders to choose between 1-50x leverage on their positions.  After crossing the $1.15 range and the 200-day moving average in 2019, XTZ closed 2018 with a strong rally which brought the price away from its 2019 high of $1.36.

The XTZ/USD pair is even more bullish now as the traders are maintaining purchasing volume and the relative RSI which continues to push further into the overbought territory but a slight pullback has to occur soon. When this occurs the traders will have to follow Fibonacci retracement levels since the current structure is now aligning with both of the indicators as well. XTZ could even pull back to the 23.6% Fib retracement at $2.011 and below this zone, some of the traders could see the price retracing to the 50% Fib retracement level if the price history shows stronger support and a higher volume node on the VPVR.

Below this support, the traders can see if they will catch the bounce between $1.633 and $1.574 but it is unlikely that the XTZ price will retrace from the entire rally as the 200-DMA will function as strong support. In the meantime, the traders should keep an eye on the trading volumes and watch whether the RSI will begin to turn down the overbought territory.