Tezos Continues Its Bullish Climb, Pushing Against Key Resistance

Tezos continues its bullish climb and has been caught with a huge uptrend movement in the second part of 2019 and the early start of 2020. Its price rally kicked off shortly after Coinbase introduced its pool staking with about 5 percent rewards for platform users so let’s read more about in the tezos price news today.

The price movement seemed to have incentivized investors to purchase XTZ thus creating some of the stronger bullish pressure while also allowing the altcoin to reach new high-fundamental strength due to the new batch of investors staking new tokens. The analysts are noting that the uptrend of the cryptocurrency is far from being over with one important trader forecasted that Tezos continues its climb another 40 percent before it hits a strong supply zone. At the time of writing, Tezos is trading up over 15 percent at its current price of $2.65 which marks a huge climb from its daily low at $2.10 that was set around this time yesterday.

In the short-term, the price of XTZ experienced some strong resistance at $2.70 and its slight rejection at this level could even suggest that the price could now enter a consolidation phase or get lower before looking into a new strength position to further extend its momentum. This level of the cryptocurrency has been quite strong over the history and it has also served as a strong resistance level for the XTZ/BTC trading pair as the crypto has been rejected at 0.000265 Bitcoin on a few occasions over 2019. The prominent crypto trader Bagsy spoke about it in a recent tweet explaining that he believes ‘’fourth time is the charm’’ when it comes to the coin’s attempt to break through this resistance:

 “XTZ Something something fourth time is the charm.”

Breaking above this level would be major for this cryptocurrency as it will point to significant underlying strength among the buyers of the tokens. As for how high a break above this level will lead XTZ, it seems that it could spike until it reaches a new supply zone at roughly $3.66 which could mark a 40 percent increase in price from the current price levels. Bagsy even commented that there is a possibility for that explaining that this is his USD target if the cryptocurrency breaks above its beforementioned BTC resistance level:

 “XTZ USD: IF we break out from the range on the bitcoin pairing, this is where I’d take the USD pair.”