Tezos has once again prevailed as the best performing cryptocurrency throughout the course of this latest market-wide uptrend, with XTZ surging another 8% today while Bitcoin and many of its other peers all see tempered gains.
This upwards movement came about as the result of the crypto retracing into what analysts describe as a “golden pocket” that helped boost its momentum.
Tezos is now attempting to surmount a key resistance region that may prove to be a make-or-break level for the cryptocurrency, and where it goes from here could be the sole factor that determines whether or not it enters another massive uptrend.
Tezos Outperforms Crypto Market Following Bullish Response to Golden Pocket Retrace
At the time of writing, Tezos is trading up just under 9% at its current price of $2.29, which marks a notable climb from daily lows of $2.09 that were set yesterday.
Today’s upswing marks a notable extension of the bull-favoring trend that was incurred earlier this week when the crypto bounced from lows of $1.85, with its reaction to the support existing at this level being bolstered by Bitcoin’s surge from $6,600.
It now appears that the crypto is well-positioned to see further upside in the near-term, as this latest movement came about as the result of a golden pocket retrace that could help boost it further.
One crypto trader on Twitter pointed to this recent occurrence, noting that Tezos looks “really good from here” against its Bitcoin trading pair.
“TEZOS / BTC 3D TF- As expected, pullback into Goldenpockets, Tezos looking really good from here,” he explained.
Image Courtesy of Escobar
Now May Be the Moment of Truth for XTZ
A further push from here against Tezos’ Bitcoin trading pair could prove to be highly bullish for the cryptocurrency, as it is in the process of breaking above the upper boundary of a heavy overhead resistance region that was previously hampering its growth.
Another trader on Twitter spoke about this region while claiming that now is XTZ’s “moment of truth,” pointing to a chart showing the resistance that exists between 0.0003 BTC and just over 0.00031 BTC.
“XTZ moment of truth. Will see how we close EOD but so far, not looking so hot. Be patient,” he said.
Image Courtesy of Loma
Currently, Tezos is trading at 0.0000317 BTC, which is just a hair above the upper boundary of this resistance region.
If it is able to extend the momentum that was induced by its recent pullback into its golden pocket, it could be poised for some significantly further upwards momentum.
Featured image from Shutterstock.