Apr 27, 2020 13:45 UTC
Apr 27, 2020 at 13:45 UTC
Tezos Outperforms Bitcoin, Push up an Extended Uptrend
It has been in the report that the digital asset managed to break above the shrinking channel on the routine chart after breaking it to $2.39. Currently, XTZ is trading at $2.68 but somehow it tried managing to reach $2.755 after an extended daily uptrend. The daily RSI is about to cross the overbought zone but it does not conclude that XTZ will witness a slow down to the huge momentum behind the cryptocurrency.
The daily uptrend is intact as the bulls managed to hold the 12-period EMA support 3 days in a row and were bouncing significantly 3 days ago. XTZ seemed to reach a 28% price over the past 3 days but trading volume would remain stable.
XTZ has been outperforming Bitcoin for the past three weeks in a significant manner. Tezos witnessed a 49% increase against Bitcoin over the past 17 days, a strong uptrend with a ton of momentum behind it.
The routine chart for BTC is rolling a potential uptrend and is looking to break all-time highs. The chart based on the week is also rolling in an uptrend after the bulls managed to set a clear higher low at 0.00024 BTC and are now looking to break the last high at 0.0004 BTC to continue with the trend.
Likewise, the monthly chart is also in an uptrend and this means that all timeframes are currently rolling over uptrends. This is a super positive act for Tezos in the short and long terms and it is expected to see the digital asset hit all-time highs against Bitcoin.
Tezos against USDT, the digital asset is looking forward to a brief pause to calm RSI levels on the shorter time frames. The four-hour chart RSI has been overextended for the past 20 hours. The bulls would look at the 12-period EMA as a support guide in the short term if bears manage to break below $2.60.