For the reason that begin of the yr Bitcoin (BTC) has gained roughly 41% and on Feb. 5 the crypto asset thrilled buyers as the worth broke by means of the $9,500 resistance and rallied to set a brand new yearly excessive at $9,745.
In gentle of Bitcoin’s robust pattern reversal from its 2019 backside at $6,400, there’s a rising variety of altcoins which have far eclipsed Bitcoin’s latest positive aspects. Take, for instance, Tezos (XTZ) which so far has rallied 205% off its October 2018 low at $0.728.
Crypto market day by day worth chart. Supply: Coin360
As Bitcoin rallied 6.14%, XTZ blitzed 15.76% to prime a 19-month excessive at $2.24. Apart from the latest bullish market pattern that’s driving many altcoins to supply double-digit positive aspects, a rising variety of crypto exchanges now supply staking rewards for buyers who maintain XTZ.
This week Binance additionally introduced that it had added XTZ/USDT perpetual contracts. The brand new buying and selling possibility will enable merchants to decide on between 1-50x leverage on their XTZ/USDT positions.
Let’s check out the charts to see what the longer term could maintain for Tezos.
XTZ USD day by day chart. Supply: TradingView
After crossing above the $1.15 resistance and the 200-day transferring common (DMA) on Nov. 6, 2019, XTZ closed 2018 with a robust multi-month rally which introduced the worth simply $0.02 away from its 2019 excessive at $1.86. Since forming an area backside at $1.25 on Jan. 2, XTZ has rallied 80.29%.
XTZ USD 6-hour chart. Supply: TradingView
On the time of publishing, the XTZ/USD pair continues to be strongly bullish as merchants are sustaining buying quantity and the relative power index (RSI) continues to push deeper into the overbought area however finally a pullback should happen.
When this happens merchants can merely comply with the Fibonacci retracement ranges and quantity profile seen vary (VPVR) as the present construction aligns nicely with each indicators.
XTZ may pull again to the 23.6% Fib retracement at $2.011 and under the $2.011 to $1.912 zone merchants may see the worth retrace to the 50% Fib retracement at $1.739 the place the worth historical past exhibits stronger help and a excessive quantity node on the VPVR.
Under this help merchants can look to play the golden pocket bounce between $1.633 and $1.574 (the 61.8% and 65% Fib retracement). Within the unlikely occasion that XTZ retraced the complete rally from $1.231 to $2.246, the 200-DMA will most certainly perform as robust help.
Within the meantime, merchants are suggested to regulate buying and selling quantity within the shorter time frames, and in addition watch to see if the RSI begins to show down from the overbought zone or if the MACD begins to twist down in direction of the sign line.
Tezos weekly worth chart. Supply: Coin360
The general cryptocurrency market cap now stands at $272.5 billion and Bitcoin’s dominance fee is 64.2%. Tezos market cap has risen to $1.56 billion and the altcoin is near flipping its positioning with Cardano (ADA) to rank among the many top-10 cryptocurrencies by market capitalization.
A handful of altcoins additionally rallied alongside Bitcoin. Just a few prime performers had been NEM (XEM) with a 28% acquire, Bitcoin Money (BCH) which gained 14.34% and Bitcoin SV (BSV) at 12.04%. Ether (ETH) additionally continued to rally, including 7.89% as the worth rose to $205.27.
