Tezos: An (Un)Expected Journey
Tezos isn’t like any ordinary cryptocurrency. It doesn’t involve mining, and it should be upgrading itself without any human input. Is it going to succeed?
On Friday, we informed about possible moves on Ripple’s chart. Today, we have something different but equally exciting: Tezos. It isn’t the most-known cryptocurrency in the world, but it has a fascinating premise.
Twentieth isn’t bad, is it?
According to CoinMarketCap, Tezos is in 20th place in terms of market capitalization, where there are currently 659 790 768 XTZ, and the total token amount is 798 160 657 XTZ.
XTZUSD moved along the upward trendline which has been started after the March’s boom. As a result, the creation of SHS (Shoulder-Head-Shoulder) formation has begun. Between 15 and 26 of April, one of the shoulders was shaped, reaching $1,5. The return to the support line at $1,07 and its defense resulted in this year’s maxima at $1,94, forming the element of the head. Currently, the rate has broken through the upward trendline and got back to the neckline, preparing for another move.
R stands for shoulder, G stands for head
The formation is shaping
The shaping of the full formation would result in getting to the $1,53, then the correction and another drop to the neckline at about $1,15. This scenario signalizes the permanent breach of the earlier determined upward trendline and the probability of completing another full formation. If the support of $1,15 level is not defended, it will open the way to the intensification of decreases.
Theoretically, it should get the price to $0,34, which is the range determined by the neckline and the highest formation point, the head. However, if this formation is not entirely shaped, we can expect, in the long-term, decreases to $0,34 instead of strengthening the rate to $1,53.
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