Tezos Can Be A Multibagger: Weekly Crypto Trading Idea, Trade Set Up
Crypto analyst and Coin Bureau host Guy predicted in the latest YouTube broadcast that Tezos ($XTZ) has the potential to be one of the only “top cryptocurrencies” given its architecture. In a YouTube video update, he said that given Ethereum-like smart contract functionality, Tezos could be the next big thing in crypto.
Tezos, which launched its native token $XTZ in 2018, has been designed from the ground up to allow upgradability. This allows the network to address key barriers facing blockchain adoption and utility.
While the host noted that $XTZ was still relatively undervalued after a few years, he explained that $XTZ was only about 10X from its original ICO price, while other top cryptocurrencies had appreciated more than 20X during that period.
For short-term, While Tezos Foundation selling and institutional investment may depress the coin’s price, the project’s impressive partnerships should point this crypto in the right direction.
Weekly Technical Chart
It’s near the bottom of the Darvas box. The price took support exactly at the 0.78 Fib level after correction and went into long consolidation mode.
Hourly Technical Chart
The long consolidation is evident from the last 3 month. The Rate of Change indicator is at 1.36 and it can only go up to 4.5 level.
Trade Setup
- Buy: Initiate long position only it comes at $4.23-$4.25.
- Target: $4.40
- Stoploss: $4.21
- Risk-Reward: 1:4+
Avoid jumping into the trade if the price doesn’t come to the suggested Buying level.
