- Tezos led the most recent crypto market surge
- Analysts expect Tezos price to move higher from here
- The bulls will continue to erase the loses incurred recently
Tezos News Today – a close look at the chart today indicates that the day has been a great one for the crypto market and investors alike. The digital asset market has posted some intense gains in the last 24-hours. This just occurred as we approached the heels of the recent capitulation seen exactly seven days ago.
This upward movement for digital assets has allowed the price of Bitcoin to climb by 17%, while the price of Tezos and other small altcoins have also climbed by 20% or more. Note that the price action for today may actually be emblematic. It is a delayed relief rally. Hence, analysts are anticipating that Bitcoin’s current stability around the $6,000 price region will give altcoins more room to rally.
The price of Tezos began the day leading the market-wide rally. This has led analysts to sight Tezos’ technical strength and admit that it could help it push significantly higher in the coming days or weeks.
The Bulls Have Attempted to Erase The Recent Losses
The overall digital currency market reportedly saw an intense rally in the early hours of the day. The rally is the result of prolonged sessions of sideways trading for digital assets. The movement was initially led by BTC. Bitcoin price raced from $5,100 to $6,300 before it found a resistance that slowed its rise. The bulk of altcoins all rallied in correlation with Bitcoin. Ethereum and XRP outperformed BTC slightly. Meanwhile, some small coins like Tezos posted massive gains today.
At press time, the price of Tezos was trading by 22% higher at $1.68. This means that the digital asset marked a notable climb from $1.35 to $1.68. The intense upward momentum gathered by digital assets has caused some digital currency analysts to become bullish on Tezos. According to Ledger, a well-respected analyst on Twitter, “there will be more users setting bids on Tezos.” He also offered a chart to display the target at $2.26.
Here’s where Tezos’ key high time frame resistance lies
According to Ledger’s chart, his near-term price target is in-line with the point where Tezos found strong resistance. Another analyst called UB who is also a trader took to Twitter to explain the next outcome for the digital asset. He said that he is expecting XTZ/USD to move upwards to the high time frame resistance currently at the $2.00 area.
Tezos is now ranked 10th among the largest coin by market cap. It is up by 21.48% in the last 24-hours of trade. The coin has a market cap of $1.18 billion and a 24-hour trade volume of $197.33 million.