Analysts expect Tezos cryptocurrency to continue rising
Yesterday was a big day for crypto investors as the market saw some intense gains that followed the recent downturn in the capital markets exactly a week ago. This upswing has enabled Bitcoin to 17 percent increase, while Tezos and some other smaller altcoins around 20 percent or more have increased.
Even though this price action may be symbolic of a delayed recovery in the economy, analysts generally assume that Bitcoin's current stability within the 6th 00 $ 0 region gives the Altcoins more room for a rest.
Tezos is currently leading today's market-wide rally, prompting many analysts to determine that its technical strength could allow it to rise significantly higher in the coming days and weeks.
Crypto market rallies as bulls' attempt to wipe out recent losses
The cryptocurrency market experienced an intense rally that came after a long sideways trade. This move was led by Bitcoin, which hit lows at 5. 100 $ to a maximum of 6. 300 $.
Many altcoins recovered along with bitcoin as both Ethereum and XRP slightly outperformed the benchmark cryptocurrency, while some smaller altcoins like Tezos posted the biggest gains today.
At the time of writing, Tezos is trading 1, 77 Dollar, which is a remarkable increase from the daily lows of 1, 35 means dollars reached before the rally.
The short-term price target corresponds exactly to where the strong resistance is
UB – a popular analyst on Twitter – said he is taking care that XTZ takes a step up to his resistance, which is currently at 2, 00 dollar exists.
$ XTZ – I'm long from the EQ. Invalidation below Green.
I'm looking for a move up to the highs confluent with HTF resistance.
I'll be closing the majority of my position there. #XTZ pic.twitter.com/kVU9eYV2Zs
– UB (@CryptoUB) March 19, 2020
If Bitcoin doesn't lose momentum and doesn't drop further in the short term, many altcoins like Tezos seem to be well positioned to make further profits.
Proof of text: cryptoslate
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