This Crypto Could See Major Pain as it Risks Breaking Its Macro Uptrend
- Tezos has been one of the most bullish cryptos throughout late-2019 and 2020, only seeing momentum rivaled by that seen by Chainlink
- The cryptocurrency is now at risk of invalidating the technical strength brought about as a result of this uptrend
- Analysts are noting that it could soon see some serious �pain� as it struggles to hold above a key support level
Tezos has seen some serious momentum throughout the past several months that has allowed the crypto to set fresh all-time highs.
This momentum first came about in late-2019, and coincided closely with the launch of XTZ pool staking on Coinbase – which allows users to stake their tokens in exchange for a roughly 5% annual reward.
The addition of Tezos staking on Coinbase could have led to an influx of new investors looking for ways to grow their capital, with this sparking its uptrend.
It does appear that the cryptocurrency could be positioned to see serious downside in the near-term, however. It’s even possible that this next plunge will invalidate its macro uptrend.
TEZOS COULD SEE SOME SERIOUS “PAIN†IF IT FAILS TO SURMOUNT ONE KEY RESISTANCE LEVEL
At the time of writing, Tezos is trading down marginally at its current price of $2.54.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Spring Journey! Play Now!
This is around the price at which it has been trading at in the time following its recovery from multi-day lows of $2.30, and it is closely tracking the movements seen by the aggregated crypto market.
Despite showing signs of stability against its USD trading pair, it is important to note that it is particularly weak against BTC – currently trading down over 3%.
This weakness could create some drag for its USD trading pair, with this
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