- Tezos (XTZ) dropped to $1.15, down 11.98%, after peaking at $1.59 with an 81% 30-day gain.
- Over $409M in long positions were liquidated, while $772M in shorts face risk if Bitcoin rebounds.
- A bullish double-rounding bottom pattern on XTZ’s chart hints at a potential rally.
- Key resistance at $1.53; breakout could push prices to $2.00 and beyond.
The cryptocurrency market faced turbulence recently, with Tezos (XTZ) experiencing a sharp decline in its value, largely influenced by Bitcoin’s downturn. After hitting a recent high of $1.59, marking an impressive 81% gain over 30 days, XTZ’s momentum was halted by broader market challenges. However, recovery signs suggest XTZ may be gearing up for a potential surge.
Currently, Tezos is trading at $1.15, down 11.98% over the past 24 hours, with a trading volume of $323.01 million and a market cap of $1.17 billion. These numbers highlight a significant drop in market activity, mirroring the broader crypto sentiment.
Adding to the pressure, over $409 million in long positions have been liquidated within the past day, reflecting the impact of Bitcoin’s retreat. The market now watches closely as $772 million in short positions face potential liquidation if Bitcoin rebounds to its anticipated $98,000 level. Such a recovery could trigger a ripple effect, benefiting altcoins like Tezos.
Tezos (XTZ) Targets $2+ as Bullish Pattern Forms
Despite recent setbacks, XTZ’s technical charts signal optimism. The token is forming a double rounding bottom pattern on the weekly timeframe, a classic bullish indicator suggesting a possible reversal.
Currently, XTZ hovers near a key resistance zone around $1.53. A decisive breakout above this level could ignite a significant rally, potentially targeting prices of $2.00, $2.36, $3.00, and even $3.85.
With the broader market dynamics at play, Bitcoin’s recovery trajectory remains pivotal for altcoin performance. If Bitcoin resumes its upward trend, Tezos and other major altcoins could ride the wave of renewed investor confidence.
Tezos’ evolving market dynamics showcase the volatility inherent in the crypto space but also hint at substantial opportunities for growth. As the market stabilizes, traders will be closely monitoring XTZ’s ability to surpass critical resistance levels and achieve its bullish targets.
Related | Crypto Liquidations Surpass $500M Amid Bitcoin’s $99K Rally Surge
