Tezos (XTZ) could rally by nearly 30% – Here is why bulls should also remain cautious
Tezos (XTZ) has seen a strong bullish breakout over the last few days. The coin is now looking upwards, and it seems that bulls are fully in charge. But how will the price action play out in the end? More analysis to follow, but here is what you need to know.
-
Tezos has closed in the green over the last four days in a row.
-
The coin is up by around 5% over the last 24 hours alone.
-
A look at the chart shows a bullish breakout that could deliver 30% in gains.
Data Source: Tradingview
Tezos (XTZ) – Prediction and analysis
The last four days or so have proven quite fruitful for Tezos (XTZ). The coin has managed to rally by around 25%. We did however see the coin lose a bit of momentum. But instead of falling, XTZ consolidated at around $3.55. It has since managed to find more momentum and was already up by over 5% from that consolidation point.
It is clear that XTZ is now breaking out and in fact, analysis shows that the coin could surge towards $4.5 before it retreats. This will represent a swing of up to 30% from the current price.
However, this bullish outlook will be voided if we see an immediate sell-off that pushes XTZ below $2.85. In fact, if this happens, the coin could easily bottom at $2.5 before trying to find its next leg up.
Tezos (XTZ) – is there a buying opportunity
For long-term traders, this is a good time to buy Tezos. The coin still has some decent fundamentals, and it could still deliver very good gains before year-end. The short-term play here would be to get in on the bull run and take profit once the price goes above $4.5. Either way, XTZ has a lot of money-making opportunities.
The post Tezos (XTZ) could rally by nearly 30% – Here is why bulls should also remain cautious appeared first on Coin Journal.
Text source: CoinJournal: Home
