Tezos [XTZ] fronted a surprise pump on 10 October, rallying +10% in less than 24 hours before press time. But overhead hurdles are a threat.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.fronted a surprise pump on 10 October, rallying +10% in less than 24 hours before press time. The bullish momentum cracked a crucial long-term trendline resistance. But the rally encountered another hurdle at $0.700.defended $27k and aimed at $28k with an established resistance level of $28.5k.
The above level was flipped to a resistance zone in mid-August. However, bulls were yet to crack flip to support despite overcoming a long-term trendline resistance level at press time. So, the bullish exhaustion seen at press time could complicate further rally above the $0.70 roadblock. But late bulls can re-enter at the confluence of the previous support and the long-term trendline resistance at $0.680 or $0.650, targeting the overhead $0.7 roadblock.
Conversely, a convincing daily candlestick close above the $0.700 hurdle could tip XTZ to focus on the next target at $0.800 . Nevertheless, Spot market demand and buying pressure surged, as shown by the uptick in OBV and RSI at press time.According to Coinglass, Open Interest surged to >$30 million, a level last reached in February 2023. Besides, the Spot’s trading volume surged toHowever, a sharp BTC reversal and losses could complicate further bullish efforts. Hence, tracking the BTC price action is crucial.
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