Tezos’s XTZ is in a position to achieve new highs against Bitcoin as the altcoin is trending upwards against the benchmark cryptocurrency since October 2019. As per the Tezos news today, we can see the medium-term ascending trendline that supports the said uptrend.
There are multiple favorable technicals and fundamentals that could lead the XTZ price in a new all-time high region against Bitcoin. Tezos’s XTZ is registering historic highs against Bitcoin this year despite the risks of further dives. The tenth-largest cryptocurrency by market cap surged by about 300 percent after bottoming out to 7,963 sats back in 2019. During the highest level, XTZ was trading at $38 but then the panic because of the Coronavirus pandemic started a sell-off which led to even lower trends for 2020 at $24. It has since rebounded quite a bit and remarked one of the best recoveries among the top crypto assets.
The uptrend of the altcoin received a lot of technical support from the medium-term ascending trendline and each of the downside corrections since October 2019 landed exactly at the purple line. The traders used the level and tried to accumulate which gave the prices the much-needed boost to get back on the horse. It seems that the market is looking forward to repeating the bullish fractal since XTZ bounced from the earlier trendline of April 6th and rebounded by 36%.
The YouTuber Quentin Francois sees the Tezos price retesting the resistance at 34,202 sats and the falling back to the trendline to retest it. However, the traders believe that the long-term price target for XTZ is beyond the all-time high of 40,495:
“A very good-looking chart is that of Tezos’s XTZ. Currently sitting at resistance, it looks like it wants more though. A possible pullback towards 29600 sats before another attempt to break the resistance and attack the all-time high vs BTC.”
The possibility of XTZ falling below the ascending trendline support is quite high as well. The reason for that is that the macroeconomics sector sees the investors dumping the risk-on assets for cash. This is because the fast-spreading Coronavirus locked down the economies in the world. Investors are likely to utilize the gains of XTZ and to go back into the Bitcoin/USD market.
Holding the ascending trendline support will preserve the long-term bullish perspective for the altcoin according to the analysis that we have in our latest cryptocurrency news. XTZ’s price also increased thanks to the positive developments in the Tezos blockchain ecosystem.
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