Tezos Price Reached New Yearly Highs Yesterday, YTD Gains At 200%

In times when most of the top cryptocurrencies are struggling to gain back the bullish momentum seen at the start of the year, the Tezos price reached new yearly highs and continued climbing up even yesterday during the bearish situation on the market. The cryptocurrency reached a new yearly high signalling a further upward advance.

In more detail, the altcoin news and rumors showed that Tezos (XTZ) has seen a price increase by more than 200% since the start of 2020 and as of today, has a year-to-date return of 761%. Despite the exponential appreciation, it seems like its investors cannot get enough of XTZ.

The Tezos price reached new all time highs and XTZ was able to hit a new yearly high of $3.80 yesterday, after which the coin corrected and is now trading in the $3.65 region. But what is amazing is that the TD sequential indicator estimates that the coin could continue its uptrend for another four weeks before a sell signal is presented.

Since the weekly candlestick is a green five, the technical index forecasts a run-up to a green nine candlestick which will be considered a sell signal. Moreover, the parabolic stop and reverse or “SAR” has just presented a buy signal on XTZ’s 1-day chart. Every time the stop and reversal points move below the price of the asset, it is considered to be a positive sign.

A bullish formation like this proves that the Tezos price reached a new yearly high. XTZ surged nearly 133% after January 29 which is a massive momentum being built up for the cryptocurrency – going from $1.55 to a high of $3.80 and now $3.65.

The recent break of the $3.60 resistance level is still good for XTZ. The Tezos news show that it adds credence to the bullish patterns mentioned above and suggests that Tezos could experience a further increase in the buying pressure behind it. A spike in demand could push the price of the cryptocurrency up to the 200% Fibonacci retracement level which sits at $5.96.

On the way up, XTZ could find significant resistance around $4.24, $4.57 and $5. It is also worth noting that many investors are optimistic about XTZ as the Tezos price reached a new yearly high – and cannot hide their excitement. According to the social engagement info, 78% of all social media posts about Tezos are bullish.