Tezos: How XTZ traders can leverage this pattern's break to remain profitable

Tezos (XTZ) has been on a constant plunge since its all-time high in 2021, while finding fresher multi-monthly lows. Over the past three weeks, the alt has been hovering in the $1.2-$1.6 range.

Timeline of Tezos

The Decentralized Finance chain has been gradually recovering from June's losses. But in the process, an interesting pattern has been revealed, which might hint at XTZ's course of action over the next couple of days.

XTZ rose to its highest point in nearly three weeks on Tuesday, as the token climbed for a second straight session. The move came as FLOW was also trading higher, as prices of the coin moved closer to $2. Overall, crypto markets were 0.90% lower as of writing. Tezos (XTZ) XTZ rose to a multi-week

The June second week crash plummeted the XTZ price to a new 2022 low of $1.2. However, previously this support bolstered the Jan-and-April bull run, validating it as a strong demand zone.

LONDON, UK, 22nd June, 2022, Chainwire At Art Basel, world renowned performance artist Marina Abramović announced in a panel discussion that she will launch her first ever NFTs titled The Hero 25FPS on the energy-efficient Tezos blockchain July 25th, 2022. This one-of-a-kind performance on the blockchain, presented in collaboration with the Cultural Institute of Radical Contemporary Art (CIRCA), depicts the figure of a steadfast woman astride a white horse holding a white flag that is waving gracefully in the wind, over the expansive landscape of trees and sky in Spain.

LONDON, UK, 21st June, 2022, Chainwire Moonfire Ventures is collaborating with the Tezos ecosystem to further accelerate some of the Tezos ecosystem's most exciting projects. Pitch Day is an opportunity for projects being built on the Tezos blockchain to engage with leading venture capitalists and Web3 advisors.

Basel, Switzerland, 14th June, 2022, Chainwire “Chance Encounters in New Mediums: Generative Art, Presented by Tezos,” will be on view from June 16-19, 2022 at Art Basel in Basel and will explore a living artistic process, where the element of chance is celebrated and etched onto the blockchain.  The exhibition will be headlined by visionary early generative art pioneer and sci-fi writer Herbert W.

The Tezos(XTZ) price's ongoing recovery rally shapes an inverted flag pattern. Furthermore, the technical setup foretells the coin price should eventually breach the bottom support trendline and continue the long-term downtrend.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bitcoin has been loath to give up the $30k level to bearish control, and at press time, a dip to $29.6k was swiftly bought up to push BTC back above $30k in the hours prior

Despite the crypto market trading lower today, Tezos and LINK both rose to one-month highs on Thursday. XTZ was up by 8.5% during today's session, whilst LINK rose by nearly 9% in the day. Overall, the global crypto market cap is down 0.55% as of writing. Chainlink (LINK) LINK continued its recent run on Thursday,

The cryptocurrency market is once again looking like a sea of red courtesy of the price swings within its narrow range. However, there are those that manage to stand out by moving contrary to the rest of the market and XTZ is one of them.