This Crypto’s Macro Chart is Painting an Insanely Bullish Picture

It has been another great day for the crypto markets, and Tezos has continued to be one of the most bullish major cryptocurrencies, posting a notable extension of its recent uptrend that has allowed it to rally past $2.00.

Analysts are noting that while looking at the cryptocurrency’s weekly chart, its potent reaction to a key level seems to insinuate that its uptrend may just be getting started.

In addition to showing strength against its USD trading pair, analysts are also noting that it may soon see further outperformance of Bitcoin, with one analyst noting a 10% short-term upside movement is imminent.

Tezos Leads Crypto Market Surge, Extends Momentum Past $2.00

At the time of writing, Tezos is trading up a whopping 8% at its current price of $2.00, which this marking a notable extension of the rally that was first incurred Sunday night after the market’s weekly candle close.

This rally has sent the highly bullish crypto surging from lows of $1.50 last Wednesday to highs of nearly $2.10 today, which is the point at which it lost its momentum and settled back at its current price level.

The ongoing uptrend has also allowed the crypto to put some distance between where it started 2020 at $1.20, with it still remaining one of the most bullish cryptocurrencies of this year.

It is still trading down significantly from its year-to-date highs of nearly $4.00, however, and bulls have a significant amount of work cut out for them if they want to recapture this level.

The crypto’s weekly chart is showing some immense signs of bullishness, as buyers were able to post an ardent defense of key support – which can be seen while looking at the below chart from a popular analyst.

Image Courtesy of Big Cheds

Trader: XTZ Likely to Rally Further Against BTC in Coming Hours

In the near-term this bullishness may continue to grow stronger, as another popular crypto trader noted in a recent tweet that he believes it will soon climb from its current price of 2750 sats to 3000 sats in the coming hours and days.

“Tezos: Retest $1.76-1.78 would be a massive entry (confluent with 2525-2550 satoshis). That would trigger a new move towards 3000 satoshis.”

Image Courtesy of Crypto Michael

The days ahead should elucidate just how far this bullish can extend in the near-term, as Tezos’ uptrend may turn parabolic if Bitcoin is able to continue pushing higher.

Featured image from Shutterstock.