The XTZ long positions set an all-time high after it saw some strong price action in recent weeks with the price facing choppy trading over the past few days. It seems that the cryptocurrency recent price action became decorrelated from Bitcoin and the rest of the market showing striking similarities seen with Chainlink so let’s find out more in the Tezos news.
Analysts are now noting that the strong market structure could be enough to propel it higher in the upcoming days and weeks ahead. The traders seem to be taking notice as the XTZ long positions set ATH on platforms such as Bitfinex. 96% of the total open interest is composed of long positions which show that traders are overwhelmingly confident that further upside is imminent.
At the time of writing, Tezos is trading up by about 5% at a current price of $3.02. This is about the price at which the cryptocurrency was trading over the past day. Over the weekend, XTZ peaked at a high of $3.15 before being hit by a sharp selloff alongside BTC and the rest of the market. It dropped below $2.80 before finding some major support and being trading between these lows and highs of $3.10. While speaking about the technical outlooks, one analyst noted that the strong support at the lower end of the range led to an influx of buyers who are stepping in just now. He believes that the crucial resistance has to be broken to explode higher which sits at $3.15 and $3.80:
“XTZ: Still nicely consolidating inside a range. Green zone holding as support and buyers are eager to step in there. Crucial resistance zone is the $3.15-3.18 area. A breakthrough of that level = test of $3.60-3.90.”
The current technical strength is also not unnoticed. The data shows that open interest for the cryptocurrency reached an all-time high. 93% of the open interest is comprised of long positions. As can be seen in the charts, this is a historical high for the cryptocurrency suggesting that certain traders are expecting to see massive increases in the near-term upside:
“XTZ OI on Bitfinex is 96% long with longs at a mega new ATH. 70% of that long OI was added in late July.”
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