Tezos Analysts Eye Quarter-High Levels after Strong XTZ Buyout
- XTZ, the native token of Tezos – a multi-purpose blockchain, is looking to establish its quarter-to-date high, according to multiple analysts.
- Michaël van de Poppe, Jonathan Habicht, Karoush AK, amongst others see XTZ logging a bull run in the coming sessions.
- The analogy appears after XTZ/USD held strong support near $2.73 on multiple occasions.
A non-collective group of Tezos analysts sees the blockchain’s native token, XTZ, hitting a quarterly high in the coming sessions.
They include Michaël van de Poppe, Jonathan Habicht, Karoush AK, and others. While Mr. Poppe expected to see XTZ/USD at around $3.6, Mr. AK trusted the pair to mirror the moves of Chainlink’s LINK, an oracle token that established its year-to-date high earlier today.
No doubt $ETH will have it’s time again.
— Koroush AK (@KoroushAK) August 4, 2020
Mr. Habicht – the founder of crypto-focused investment management firm Blockfyre, on the other hand, noted that investors’ focus is shifting back to XTZ after a long pause.
“Coins that have been on fire cool off. Coins that have been stagnant will get their turn. Rinse and repeat. Looks like XTZ is about to go on a run again,” – he said.
The Tezos Support Theory
Some pseudonymous analysts also predicted the Tezos token to hit $3.5 or beyond in the running third quarter. One of them posted the chart as follows:
XTZ/USD price setup as per TraderSZ. Source: TradingView.com
The image shows XTZ bouncing back after testing so-called weekly lows. Traders have used the said levels repeatedly to accumulate XTZ, illustrating their likelihood to hold them as price supports during the next downside attempts by bears.
The pseudonymous analyst highlighted it as a bullish sign for XTZ, which is already trading near its June high. He noted that a continued upside run would take the Tezos token towards $3.6.
Mr. Poppe displayed a similar bullish outlook in his chart, as shown below.
XTZ/USD price setup by Michaël van de Poppe. Source: TradingView.com
“Support held and we’ve bounced upwards severely,” said Mr. Poppe. “Looking to see whether $3 and/or $3.12 holds. From there I assume we’ll be attacking $4.”
The Chainlink Connection
The past month saw several reports indicating that Tezos is following the footsteps of its oracle partner Chainlink. The two share an extremely positive correlation, with LINK behaving as a leading indicator for XTZ.
Now, with LINK/USD trading near its yearly high, analysts expect the XTZ/USD to do the same.
— Crypto Michaël (@CryptoMichNL) August 4, 2020
If the pattern repeats, the Tezos token could, in a long-term setup, hit its year-to-date high at $4.02.