When the bears go into hibernation, the bulls are roaring to go. The share market has always remained unpredictable since time immemorial. The economists always have reasons to rationalize the movement of the market. However, Tezos’s surge of price amidst cryptocurrency fallout has left many in the wilderness. Tezos or Tez or Tezzie has a valid block transaction depending upon the number of coins miners own.
Tezos Consolidating Its Position
Tezos has a unique proof-of-stake. Initially, Tezos or XTZ was in deep waters due to legal issues. However, Tezos emerged as one of the most promising blockchain networks linked to a digital token after the cryptocurrency hit the bear low. The current scenario witnesses Tezos consolidating its position within a cramped trading range. However, the technical index of Tezos’s activities hints that it is about to create a force that would lead to a bullish breakout. In February, when the cryptocurrency was losing its luster, Tezos tripled its price. The cryptocurrency fell miserably. Though the crypto industrial market capitalization observed more than $15 billion downfalls in the previous three days, Tezos was trending upwards.
Ever since Tezo broke its previous records, and reached the peak, it has created a magnetic pull of investors. While Bitcoin managed to leap three-folds upwards during the last year, Tezo surprised everyone by an unexpected climb of 400% from $0.40 to cross the threshold of $2. Within the last 24-hour, the market saw the Tezos trading increase by 10%, which calculates to a 50% gain in year-to-date.
A Bullish Affair of XTZ
The market was melting down in March 2020, but Tezos played its card well. It took an impressive stand and gave others a run for their money. This digital token jumped up three times from $1 to $3 in 1 month. As they say, what goes up comes down. However, the price of Tezos is stable and staying up for the time being.
Meanwhile, the investors are wary about how Tezos will react in the next few days. Currently, it has prevented wide fluctuation and generally traded within the range of $2.3 support and $3 resistance line. If Tezos crosses the threshold range, it will indicate whether it moves further upwards or downwards. Lackluster movement of security’s price compelled the Bollinger band to curtail Tezos’s 3-day chart. Squeezed market scenario stipulates that wild movements of prices will supersede the tenure of low volatility. If the period of compressed XTZ is prolonged, it holds a higher probability of a breakout. Trading between the lower and upper Bollinger band could land investors in a bowl of soup, since they are aware of the high-risk factor involved. The technical analysis tool’s inability to predict the direction of price fluctuation, suggests that a considerable fluctuation of the price is around the corner. In such cases, investors recommend lying low during the no-trade zone.
Presumption Of Technical Index Indicator On Flash Buy Tezos
The technical index flagged a green signal to buy this in the form of a red nine candlestick since the TD sequential indicator seemed to favor the bull. The forecast is that buying Tezos in the next 3-day candlesticks upswing is most likely to keep you in the safe-zone. It is sensible to participate during the beginning of the upward trend to reap benefits. Over and above, one green candlestick indicates that the flash purchase of Tezos might not result in loss. If Tezos is able to break the barrier of $3 resistance, it could reap an excellent reward of $4 or more. It would break all previous records and reach the year’s highest point.
Irrespective of the optimistic outlook of TD setup, it would be wise to be alert and cautious against the breakage of the $2.3 support level. An unprecedented loss could be waiting to overtake its investors. If the $2.3 support level collapses, then the supply barriers could protect XTZ to a certain extent from tumbling down significantly.
Bitcoin, the most popular cryptocurrency, might not be matching up with Tezos performance currently. However, the market thrives on highs and lows. Tezos is evolving since 2019, and many expectations are attached to it.