Tezos (XTZ) breaches bullish pattern, more bull surges ahead
It should be noted that this is due to altseason. Tezos, a Proof of Stake (PoS) coin, is also rising due to this same reason. Many investors were waiting for such a season, which will turn out to be extremely profitable if bought at the end of 2018.
4-Hour Tezos Chart
Source: TradingView.
At press time, Tezos is on a bull run spree with its price forming new highs with every move. 1 XTZ is worth $3.76 and had a market cap of $2.6 billion, making it the 10th largest coin. Especially, since it has just breached an ascending right-angled triangle. The price surged by approximately 10% during the breach in under 4 hours.
The technical analysis for XTZ shows an increase in volatility for the coin with price breaching the upper band of the Bollinger Bands (BB). A subsequent walk back into the bands will cause a small retracement, perhaps to $3.57.
Unlike RSI, the Stochastic RSI leverages both momentum indicators to create a sensitive indicator that tuned to a specific asset's historical performance rather than a generalized analysis of price change. For XTZ, the Stochastic RSI indicated an overbought sentiment, however, this doesn't necessarily mean that the price will reverse, albeit there is a chance.
For now, the price looks bullish with a mild chance of dropping to $3.56. However, there will be a bounce from this level leading to another surge and hence another new high for Tezos.
On an off chance, the momentum of the altcoins exhaust, there is a chance that the price of XTZ might dip under $3.57, which will indicate a shift in trend towards the bears.
