Tezos Could Rally 40% In Coming Days After A Bullish Breakout

The latest crypto news today show that the market saw a notable rally this Tuesday, as Bitcoin went above $7,390 and ETH overcame the $170 mark which was something unexpected for the biggest altcoin out there. All of this allowed altcoins like Tezos (XTZ) to gain some independent momentum – and according to analysts, Tezos could rally even more in the future and even outperform BTC’s gains.

As we can see, the momentum seen by XTZ may be just a hint of what is coming in the days and weeks ahead. Analysts are already noting that this coin broke above a key horizontal resistance which may give it room to rally even further.

The altcoin also managed to break out of a bullish technical pattern that it had been establishing. All of this led analysts to claim that its next uptrend could be intense. So, Tezos could rally in the future and XTZ is trading well right now.

At the time of writing, the Tezos news show that the coin is trading up by 19% at a current price of $2.08, which marks a massive climb from the daily lows of $1.65 that were set yesterday while the cryptocurrency was caught within an extended bout of sideways trading.

Today’s rally has allowed XTZ to outperform Bitcoin by more than 4%, which is a common trend today among many major altcoins. It now appears that the highly bullish crypto is breaking above the upper boundary of an ascending triangle which has been forming over the past few weeks.

According to a popular analyst on Twitter, Tezos could rally soon and establish a bullish pattern. As he said while pointing to a chart:

“[Versus] USD we are peaking above the resistance of the ascending triangle.”

And vs $USD we are peaking above the resistance of the ascending triangle$XTZ pic.twitter.com/9DptAljvwm

— Teddy (@TeddyCleps) April 6, 2020

As for where all this could lead Tezos (XTZ), the opinions are divided. One analyst is noting that it could reach higher levels than $2, while others think that it can also clear $3 which would be an approximate 50% climb from the current price levels.

In a recent tweet, the respected crypto trader Loma said that he will be trading the two aforementioned resistance zones, accordingly. All in all, Tezos’ momentum may remain somewhat dependent on that of Bitcoin. Assuming that BTC is able to climb higher or remain stable in the days ahead, it is likely that XTZ could see a new extension of this uptrend.