The unstoppable altcoin asset that has taken the cryptocurrency market by storm, Tezos, may have bull-penned both the XTZUSD and XTZBTC pair, suggesting that a strong breakout may be coming that could lead to itself the asset rebounded against both the dollar and bitcoin.
Tezos Bull Pennant signals a potential rally in the crypto market in the coming days
Tezos has been among the top performers of the year so far, with the altcoin’s massive gains from both a strong rally and annual staking rewards proving extremely attractive to crypto investors who have been with for most of the past two years had to watch most of the other assets decline.
The bear market has caused cryptocurrency prices to fall by as much as 99% from the all-time highs set at the height of the crypto hype bubble.
Related reading | Tezos Cryptocurrency Could Soar To New Highs According To Key Bullish Factors
But Tezos completely missed that boat, and the standout altcoin was not tarnished by negative sentiment or the throng of underwater investors who are only dying to break even their assets after two long years.
Because of this, Tezos has seen extraordinary hype and bullish momentum that brought the asset a return of over 200% before the coronavirus panic sell-off downsized the asset and almost every other financial asset.
However, Tezos has shown a strong rebound since then and a bull pennant in both the XTZUSD and XTZBTC pairs suggests further upward movement.
The XTZBTC chart pattern indicates a potential altcoin season and bitcoin outperformance
Not only is Tezos signaling that it, and possibly other cryptocurrencies, could move higher on the XTZUSD pair, it is also showing a bull pennant on the XTZBTC trading pair.
An increase in crypto assets in USD trading pairs means that both bitcoin and altcoins are growing at the same time. But bullish momentum for altcoins on the BTC trading pair means that altcoin season – albeit short-term – could be ahead of us.
Tezos has been the market leader alongside Ethereum for the past few months. If the two cryptocurrencies continue to show bullish signals against Bitcoin, there could be a period of altcoin outperformance known as the alt season.
Related reading | Whales are doubling Tezos cryptocurrency amid the retail-fueled sell-off
Bitcoin’s dominance has deviated from a long-term trendline and could be much lower, potentially leaving room for altcoins to rally. Before the coronavirus sell-off, altcoin purchase volume hit record levels, possibly suggesting that it has bottomed out and that assets would soon appreciate in value.
The recession put a damper on these plans, but hopefully the altcoin season that was just beginning can still take place – it can only take longer for these altcoins to regain momentum versus Bitcoin.
Selected image from Pixabay