Tezos ($XTZ) ‘Ready for Big Breakouts' as Technical Pattern Points to Trend Reversal: Analyst

Popular cryptocurrency analyst and expert trader Michaël van de Poppe has said that Tezos ($XTZ) a decentralized computing platform that supports smart contracts, is “ready for big breakouts,” pointing to a technical pattern on the cryptocurrency's chart.

Timeline of Tezos

Tezos price analysis is bullish, with the XTZ/USD pair rising to the $1.69 level. The price action recently created a bullish engulfing candlestick pattern, which indicates that the bears are losing control.

Recent Tezos price analysis indicates that the digital asset has gained over 7.71 percent in the last 24 hours and currently trading at $1.66.The XTZ/USD pair is facing strong resistance near the $1.75 level, which is preventing the bulls from pushing the price higher. Tezos opened the daily trading session at $1.

The Tezos price restarts the uptrend with a double bottom reversal from the $1.39 mark resulting in a 20% jump exceeding $1.50 to touch the neckline at $1.66. Furthermore, the triple white soldier pattern in the daily chart shows a promising recovery in Tezos market value that will continue in the coming week.

Tezos recovers from a bad fall, as the freezing of its assets by Binance, may have put both Tezos and its native currency XTZ in jeopardy. Thankfully, XTZ price is now showing a positive trend.

Tezos price analysis shows a bearish trend as the coin indicates has been consolidating below the $1 level over the past few days as the overall cryptocurrency market remains in a bearish state. Tezos price analysis shows that support for XTZ prices is present at around the $1.

Recent developments suggest that Tezos and its native coin, XTZ, may have placed itself in a precarious scenario. XTZ price reveals a bullish trend  Key resistance spotted at $1.48 Tezos price support present at $1.44 On August 25, a group of network contributors under the name Baking Bad claimed that the cryptocurrency exchange Binance had wrongfully frozen over $1 million in assets.

Tezos price analysis is bullish, with the XTZ/USD pair rising to $1.48. However, the digital asset is currently facing resistance at this level and may fall to $1.44 if the bulls fail to sustain the upward momentum.

Tezos [XTZ] may have put itself and its native cryptocurrency, XTZ, in a problematic situation as per recent events. On 25 August, a group of contributors on its network (Baking Bad) accused crypto exchange Binance of freezing over $1 million of its assets without following due process.

Yupana.Finance, the open-source, decentralized, non-custodial lending protocol, announced that it is providing the long-awaited credit protocol benefits to the Tezos community. Now, Tezos users can borrow, lend, and earn rewards like in any other popular DeFi ecosystem.

The XTZ/USDT technical chart reflected a texted book example for an inverted flag pattern in response to the previous two-month recovery. The same pattern was observed from Mid-may to early June recovery and triggered a 38% downfall upon breakdown.