Tezos (XTZ) is one of the cryptocurrencies which are in the focus of the altcoin news today – mostly because of previous analysis which showed a couple of things. First, Tezos has a bullish momentum in the short and medium term and while trading at $1.28, the XTZ/USD pair is looking to be among the select few coins to end November in green.
As you probably know, the XTZ cryptocurrency gained over 50% since the start of November and is right now trading around 300% higher from its 2019 opening price. The technical analysis shows that the XTZ/USD pair is still technically bullish in the short and medium term and could soon test back towards the three-month range high.
On the other hand, Tezos has a bullish momentum because of many technical analysis points. Right now, the main target is set at the $1.47 level which is the objective of the bullish pattern target.
A rally towards $1.47 could be the best way to start a new month for XTZ. It would also mean a rise of more than 15% on the actual price and bulls would ideally need to hold the price above $1.47 in order to push the coin into a higher trading range and prove it a true winner as the year ends.
However, the daily time frame shows that Tezos has a bearish momentum on the day and XTZ is not yet overbought, even despite the large double digit advances seen recently. Latest charts show that both the short term and long term sentiment towards Tezos is bullish at 68% and 67%, respectively.
All in all, Tezos has a bullish momentum and despite the recent drop today, it is a cryptocurrency that continues to rise. The Tezos news have been viral last month and it is expected for them to be the same this month, too.
An advance towards $1.47 is definitely needed before a new advance towards the $2.00 level which would double the price of Tezos (XTZ) in a very short time and attract even more investors and HODLers to this promising coin.
At press time, Tezos has a minus of 4.48% on the day and is at $1.28 with a market cap of $845 million.
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