And while the surging crypto asset is showing no signs of stopping, it could go on to double from here, according to a prominent crypto analyst and short-term “parabola.”
Tezos Is Top Performing Altcoin Asset of 2020 Bull Market
Tezos is a clear cryptocurrency industry standout.
The altcoin recently exploded into the top ten crypto assets by market cap, after an early 2020 rally smashed all expectations and then some.
Related Reading | Top Trader: Tezos Cryptocurrency Can Surge 5-10x After 100% Rally in 2 Weeks
Since the start of the year, Tezos is up an insane 200%.
From the asset’s late 2019 downtrend “bottom,” Tezos has quadrupled in value, with a sky-high, over 420% return.
And from the asset’s bear market bottom, it has grown in value by a staggering 1,125% in a little over a year’s time.
Analysts have been warning late-to-the-game investors from FOMOing into an asset that has already risen so much, but Tezos has continued to rally, leaving cautious traders filled with regret.
Doubling Cryptocurrency Prices Send Investors into XTZ
That regret will only grow if Tezos does as one analyst believes and extends its “parabola” to as much as $6.30 per XTZ token.
The current high is set at $3.70, so reaching such a target would mean that Tezos price doubles from current levels.
$XTZ short term parabola. Extension to ~ $6.3 is expected to happen…. If you study the ETH/USD chart you’ll find the patterns. After that, correction to $3.7 – $4 for re-accumulation before #moon pic.twitter.com/mOdOTbtBsc
— Don Tomasso (@Tomaseetoo) February 19, 2020
Such a rally would cause yet another 100% push from here, taking year-to-date gains to over 400%.
It would also take any investments made from the very bottom to as high as just under 2,000% returns in less than 16-months.
Tezos has completed these amazing feats, all before the bull market has truly begun for cryptocurrencies.
And because Tezos is a relative newcomer alongside other altcoins like Link, who missed out on the last crypto bubble, these shiny new altcoins have less tarnish and negativity to break free from.
The assets also don’t have support levels turned resistance to contend with, and instead are in price discovery mode.
Related Reading | Tezos & Ethereum: These Top Performing Altcoins Flash Dangerous Sell Signals
This means that any peaks are just psychological barriers while a true value is established by the way of the push and pull of market dynamics.
This is the exact reason why Tezos could easily double from here, and reach prices of $6.3 in the coming days – because no one knows truly what Tezos should be worth, so the speculative asset is likely to explode further until a strong psychological resistance is reached.
When assets perform like Tezos, sky is the limit. But remember, just like Bitcoin at the last bull market peak: everything that goes up that fast, eventually falls back down quite hard.
And with how much Tezos has rallied, while it can certainly go a lot higher, when it does turn around, much of the gains could be erased.