Bullish XTZ Charts Show Altcoin Could Skyrocket Soon

The tenth biggest cryptocurrency Tezos (XTZ) is now trading at $1.67 price level, showing an increase of 6.07 percent. The traders on the market are bullish on this promising coin and are expecting it to skyrocket soon and show a 10-20 percent surge as we are reading the bullish XTZ charts and news below.

The analyst Crypto Michael is bullish on XTZ and he shared his short-term expectation of seeing it rise by 10-20 percent to the 2,750/3000 Satoshi level which is about $2 at the current rates. The previously mentioned analyst is not the only one that is bullish on XTZ right now but the CryptoDog assumes that the coin will start pumping soon. The user Crypto White Walker also posted another one of the bullish XTZ charts. XTZ was listed on Binance and the coin got exposed to a bigger portion of the investors.

Tezos Foundation’s portfolio is looking good these days after a number of restructuring strategies and efforts. The asset management strategies reduced the foundation’s exposure to crypto in a time when most of the cryptocurrencies crashed to new lows not seen in months. The Tezos Foundation played its cards well but this hasn’t provided a shield against significant losses for the coin. There were no survivors from the catastrophic COVID-19 economic crash. Tezos dumped about 68% below the $1.20 point before making a marginal recovery.

If Tezos breaks beneath the trend line, the first major level of support is located at $1.40 provided by the .786 Fibonacci Retracement level in the long term. Beneath this, the support can be found at $1.30, $1.20 and $1.06 from the .886 Fibonacci Retracement Level. While the developments of the blockchain and baking protocols are expected to flourish, the short term charts are showing a different picture. The hourly candle crossed the 50MA line giving the major bearish signal towards $1.45 support level. The RSI oscillates in the bearish territory entering the selling level at 48.

Tezos settled the outstanding class-action lawsuit after they calculated that the longer it takes to finish this process, the company will only lose more money. The long-running legal battle concerned the $232 million initial coin offering that was held in 2017 and there were some allegations that it was actually an unregistered securities sale.