Tezos Could Soon Rally Even Further: Analysts<\/strong><\/h2>\nAnalysts expect Tezos to rally even further in the weeks ahead, citing technicals and the fundamentals of the cryptocurrency.<\/p>\n
One trader shared the chart below on August 4th, noting that XTZ’s recent price action has allowed it to firmly flip the ~$3.13 horizontal into support. The asset’s recent rally has also pushed it above the upper bound of a downward channel, supporting upside.<\/p>\n
![\"Image\"](\"https:\/\/pbs.twimg.com\/media\/Eem7oMvWkAAL1z8?format=png&name=4096x4096\")
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Chart of XTZ's recent price action with analysis by trader \"Steve\" (@Thetradingtramp on Twitter). Chart from TradingView.com<\/a><\/pre>\nThis optimism was echoed<\/a> by another analyst, who said that Tezos closing above $3.22 on its daily chart would lead to “pretty significant expansion upward.” This sentiment was predicated on how $3.22 has acted as a crucial level of resistance for the altcoin over recent weeks.<\/p>\nIs It Really Time For Altcoins to Outperform?\u00a0<\/strong><\/h2>\nAlthough the technicals may support an XTZ rally, some are starting to expect more Bitcoin volatility. Such volatility could suppress altcoins and their potential to rally.<\/p>\n
Santiment, a blockchain analytics firm, wrote<\/a> on the potential for imminent Bitcoin volatility:<\/p>\n\u201c$BTC has just indicated that the 3rd largest token age consumed spike since April has taken place today, indicating a potential short\/mid-term price direction change and increased volatility\u2026 More likely to the upside than down, because this indicator more often than not foreshadows short-term to mid-term price reversals.\u201d<\/p><\/blockquote>\n
\nhttps:\/\/t.co\/Lr0bdp3REB<\/a><\/p>\n1) $BTC<\/a> has just indicated that the 3rd largest token age consumed spike since April has taken place today, indicating a potential short\/mid-term price direction change and increased volatility. The last large spike, occurring on July 27th, was indicative pic.twitter.com\/9k0cIyeBOM<\/a><\/p>\n— Santiment (@santimentfeed) August 4, 2020<\/a><\/p><\/blockquote>\n
<\/p>\nThis optimism was echoed<\/a> by another analyst, who said that Tezos closing above $3.22 on its daily chart would lead to “pretty significant expansion upward.” This sentiment was predicated on how $3.22 has acted as a crucial level of resistance for the altcoin over recent weeks.<\/p>\n Although the technicals may support an XTZ rally, some are starting to expect more Bitcoin volatility. Such volatility could suppress altcoins and their potential to rally.<\/p>\n Santiment, a blockchain analytics firm, wrote<\/a> on the potential for imminent Bitcoin volatility:<\/p>\n \u201c$BTC has just indicated that the 3rd largest token age consumed spike since April has taken place today, indicating a potential short\/mid-term price direction change and increased volatility\u2026 More likely to the upside than down, because this indicator more often than not foreshadows short-term to mid-term price reversals.\u201d<\/p><\/blockquote>\n https:\/\/t.co\/Lr0bdp3REB<\/a><\/p>\n 1) $BTC<\/a> has just indicated that the 3rd largest token age consumed spike since April has taken place today, indicating a potential short\/mid-term price direction change and increased volatility. The last large spike, occurring on July 27th, was indicative pic.twitter.com\/9k0cIyeBOM<\/a><\/p>\n — Santiment (@santimentfeed) August 4, 2020<\/a><\/p><\/blockquote>\nIs It Really Time For Altcoins to Outperform?\u00a0<\/strong><\/h2>\n
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