- Tezos price continues its bullish streak
- XTZ is undertaking the same uptrend it did at the end of 2019
- Tezos users qualify for 5% reward from Coinbase
Tezos News Today – the price of Tezos has reportedly continued its bullish climb on the charts as it manages to push against a key resistance point in the last 24 hours. Tezos price has been seen in an insane uptrend that first happened in the latter part of last year and extended into the early part of this year. Now, with Tezos initiating its rally shortly after the crypto platform, Coinbase launched its with 5% rewards for everyone who uses the platform. This move by the network was like a call to action for investors as they began to purchase Tezos.
This move created strong buying pressure and allowed the digital currency to incur high fundamental strength because of the new batch of investors that are staking the XTZ token. Now, crypto analysts and commentators have noted that Tezos’ strong upward movement isn’t near the end. One prominent trader has forecasted that the Tezos price will climb by 40% more before it hits a strong supply region.
How XTZ Maintained its Bullish Climb
When this analysis was written, the price of Tezos was seen trading at over 15% up with a current price of $2.65. This means that the coin has managed a notable climb from the daily lows it endured at $2.10. In the near-term, XTZ/USD has reportedly faced strong resistance at the $2.70 area. The coin’s slight rejection here may now push it into a consolidation phase.
This price level has been historically strong and a resistance point for the XTZ/BTC trading pair. This is because the cryptocurrency has been rejected at the 0.000265 BTC level on multiple occasions last year. According to Bagsy, a renowned crypto trader, the principle of “fourth time is a charm” could come into play when it comes to the XTZ price attempting to break the 0.000265 BTC resistance.
XTZ Price Might continue Rising if it Breaks $2.70
If there is a break above the above-mentioned level, it could be important for the cryptocurrency, because it will position it to significant underlying strength among buyers.
It appears that such a break could see XTZ rally until it gets to the next supply area at the $3.66 position, which could mark a 40% climb from its current position. Bagsy spoke about his USD target in the event that the price of Tezos breaks the aforementioned BTC resistance region. However the crypto responds to the critical resistance will offer some insight into where it is heading next because a rejection at that zone could spell trouble for the asset.