XTZ Pairs Form A Bull Pennant Signaling Potential Breakout

The XTZ pairs just formed a bull pennant and the unstoppable altcoin took the market by storm so it signals a powerful breakout that could cause the coin to rally against Bitcoin and the US dollar. In the upcoming Tezos news today, we read more about the price analysis.

Tezos is among the best performers of the year so far and the massive gains of the altcoin from both the annual staking rewards and the rallies, prove to be extremely attractive to the crypto investors who have watched most of the assets drop in value for the majority of the previous two years. The bear market caused the cryptocurrency prices to drop as much as 99% from the all-time high records that were set during the crypto hype bubble. The XTZ pairs missed the boat and the altcoin wasn’t quite affected by the negative sentiment on the market. the investors didn’t want to dump their assets that they were holding strong for the past two years.

Tezos enjoyed a bullish momentum and increased hype which brought the asset to 200% returns before the coronavirus pandemic selloff cut the assets and most of the other financial assets down in size. Tezos, however, has shown a strong recovery and a bull pennant on both the XTZ/USD pair and the XTZ/BTC pair which pointed out another pennant as well. An increase in the price of crypto assets across the USD trading pairs means that both Bitcoin and other altcoins are growing together. The bullish momentum for altcoins on the Bitcoin trading pair means that the altcoin season should come to use soon. Tezos was leading the market over the past few months alongside Ethereum so if both of the cryptocurrencies continue to show bullish signs, there could be a period of altcoin outperformance.

The Bitcoin dominance broke down from the long-term trend line and it could be headed lower, which will open some room for the altcoins to rally. Before the coronavirus panic sell-off, the altcoin buys volume reached record levels which signal a bottom which but also that the altcoins will soon grow in value. The recession will likely stop these plans but the altcoin season can still happen.