Throughout the past several months, Tezos has been one of the crypto market\u2019s most bullish tokens, incurring some explosive momentum in late-October that ultimately resulted in a massive uptrend that led it to establish fresh all-time highs in mid-February.<\/p>\n
The gains resulting from this parabolic uptrend have largely been erased throughout the past several days and weeks, primarily due to the downtrend seen throughout the aggregated crypto market.<\/p>\n
It is possible that XTZ will soon find itself caught within a firm uptrend, however, as it is currently forming a bullish technical pattern that could allow it to surmount a key technical.<\/p>\n
At the time of writing, Tezos<\/a> is trading down over 6% at its current price<\/a> of $1.90, which marks a notable decline from daily highs of $2.04 that were set yesterday when the crypto market rallied in tandem with Bitcoin\u2019s climb past $7,000.<\/p>\n Today\u2019s decline against its USD trading pair has also led it to underperform Bitcoin by nearly 2%, with it currently trading around a strong support level that has bolstered it on multiple occasions throughout the past week.<\/p>\n If bulls continue defending this level, it could catalyze some independent upwards momentum<\/a> that allows XTZ to erase some of its recent losses.<\/p>\n The defense of this support also coincides closely with a loose bull pennant that the crypto has been forming, which is a technical pattern that could strengthen its price action in the days ahead.<\/p>\n Teddy, a popular cryptocurrency analyst on Twitter, spoke about this pattern in a recent tweet, questioning whether or not it will help allow the crypto to \u201ccontinue its path to world domination.\u201d<\/p>\n \u201cIs XTZ going to continue its path to world domination?\u201d He asked while pointing to the pattern on the below chart.<\/p><\/blockquote>\n https:\/\/twitter.com\/TeddyCleps\/status\/96653313<\/p>\n If Tezos posts a confirmed breakout of this pattern, the crypto could be poised to see significantly further upwards momentum.<\/p>\n Jonny Moe \u2013 another well-respected cryptocurrency analyst and trader \u2013 explained that he believes 30,000 sats is a key level for Tezos to surmount, with a confirmed break above this level providing XTZ with a launchpad.<\/p>\n \u201cXTZ break over 30k sats could be a launch,\u201d he noted.<\/p><\/blockquote>\n $XTZ<\/a> break over 30k sats could be a launch. pic.twitter.com\/6HWYveRLf3<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) April 9, 2020<\/a><\/p><\/blockquote>\nXTZ Could \u201cLaunch\u201d Higher if it Surmounts This Key Price<\/strong><\/h2>\n
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