The XTZ price rally, driven largely by Tezos’ entry into the NFT space, has ended up painting a classic bearish structure.
A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern.
Dubbed as Ascending Broadening Wedge, the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator Thomas Bulkowski, these Wedges tell less about buying exhaustion and more about sellers’ ambition to take control, I E., buyers tend to lose dominance every time the price touches the upper trendline.
XTZ’s 250%-plus price rally from its July 2021 thấp của $2.08 has led to Ascending Broadening Wedge’s formation. Vào thứ Hai, the cryptocurrency tested the structure’s upper trendline as resistance (xung quanh $7.5) to eye an extended upside move towards its previous record high of $8.76.
But the price corrected, confirming strong selling sentiment near the Wedge resistance. It now risks enlarging its correction towards the lower Wedge trendline (ở gần $5), based on similar pullback moves spotted since July 2021.
As a general rule with Ascending Broadening Wedge patterns, the price should eventually break below the structure’s lower trendline and target th lowest point, I E., xung quanh $2.38 in Tezos’s case.
Central charts note that almost 80% of the Ascending Broadening Wedge exits are bearish. Trong khi đó, the price falls towards the bearish target six out of ten times.
Despite grappling with an eerie technical setup, ADA expects to retain its bullish bias based on Cardano’s proof-of-stake blockchain adoption.
Gần đây, American songwriter, rapper, and singer Doja Cat launched her nonfungible token (NFT) collection on OneOf, a digital art collectible marketplace running atop the Tezos blockchain. Her announcement coincided with a 42.65% upside move for ADA/USD during the September 9-10 trading session.
NFTs have emerged as one of this year’s most trafficked trades, with OneOf’s top rival OpenSea reporting about $3.4 billion worth of volume in August.
Trong khi đó, Ethereum hosts most NFT projects, but high transaction costs have become a point of concern. Kết quả là, many new NFT projects have been choosing Ethereum’s cheaper alternatives.
Ví dụ, Solana’s native asset SOL surged up to 825% from its July 20 Thấp, primarily because of the success of Degenerate Ape Academy, an NFT project, followed by Sam Bankman-Fried’s crypto exchange FTX’s decision to integrate Solana on their NFT platform.
A similar craze assisted in pushing the demand for XTZ tokens higher in the past seven days.
.@DojaCat has done more for #Tezos than almost anyone this year.
— Altcoin Daily (@AltcoinDailyio) tháng 9 9, 2021
Có liên quan: Altcoin Roundup: Phí Ethereum cao bắt đầu quá trình chuyển đổi tính thanh khoản sang các nền tảng lớp 1
Tháng trước, Tezos also received a boost from Europe-based banks Crypto Finance Group, InCore Bank, and Inacta. The firms announced that they would use the Tezos’ DAR-1 token standard to issue their native tokens.
Ngoài ra, InCore revealed its plans to launch of institutional-grade storage, khoanh vùng, and trading services XTZ, raising prospects that wealthy investors would want to invest in the Tezos token in the near future.
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