Tezos Reaches 3-Week High But Can The Bulls Propel It To $1.80?

Tezos reaches 3-week high after a sharp decline during June but can we expect the bulls to propel it to $1.80? Let’s find out more in our latest Tezos news today.

The altcoin reached a price of $1.50 as it is rising slowly but steadily as XTZ was a prominent performer over the week. Despite the volatile market, the altcoin price reached a new high and increased slowly. Tezos reaches 3-week high and after Monday’s session of $1.50, XTZ reached $1.60. as of the time of writing, XTZ is standing near $1.54 which is an increase of 6.0 percent over the past week and this increase in price caused the token to collide with the resistance level of $1.67 so the gains retreated.

The positive turnaround pushed the price 33% higher to $1.62 where it encountered some strogn resistnace but over the past few days, the price rejection at this level increased which indicates that the sellers are defending the level. The crypto market continued to drop on Monday after a weekend of losses and as per the data from TradingVirw, the crypto market cap is $884 billion which is a decline of 2.1% from the past day.

BTC is the most valuable crypto by market cap and it is falling for the third day in a row to $19,910 after registering a weekly increase since March. Ether the second biggest crypto is now trading at $1.078 and it is down by 2% in oen day. Despite an 80% drop from the ATH of $9.18 in October, XTZ has been on an uptrend. Tezos even unveiled a developer portal to help with the creation of decentralized applications on the blockchain.

The XTZ price continued to show indications of vitality with the bulls aiming to break out of the bottom and reach $1.80 so if successful, the break will result in a higher trading level for XTZ since a month ago. In the meantime, the traders wait for the release of the US consumer price index which showed an increase in the inflation rate. The CPI climbed 8.6% which is the biggest yearly rate in four decades.