{"id":338669,"date":"2021-09-13T19:05:28","date_gmt":"2021-09-13T16:05:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tezos-risks-correction-below-record-high-with-xtz-rallying-250-since-july\/"},"modified":"2021-09-13T19:05:28","modified_gmt":"2021-09-13T16:05:28","slug":"tezos-risks-correction-below-record-high-with-xtz-rallying-250-since-july","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tezos-risks-correction-below-record-high-with-xtz-rallying-250-since-july\/","title":{"rendered":"# Tezos risks correction below record high with XTZ rallying 250% since July"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a24bf9a959a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a24bf9a959a3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/tezos-risks-correction-below-record-high-with-xtz-rallying-250-since-july\/#Fundamentals_disagree\" >Fundamentals disagree<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Tezos risks correction below record high with XTZ rallying 250% since July <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern.<\/p>\n<p>Dubbed as Ascending Broadening Wedge, the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/thepatternsite.com\/abw.html\">Thomas Bulkowski<\/a>, these Wedges tell less about buying exhaustion and more about sellers&#8217; ambition to take control, i.e., buyers tend to lose dominance every time the price touches the upper trendline.<\/p>\n<p>XTZ&#8217;s 250%-plus price rally from its July 2021 low of $2.08 has led to Ascending Broadening Wedge&#8217;s formation. On Monday, the cryptocurrency tested the structure&#8217;s upper trendline as resistance (around $7.5) to eye an extended upside move towards its previous record high of $8.76.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/a44b084f-1fab-47d5-840a-a3d92bc35378.png\"><figcaption style=\"text-align: center;\"><em>XTZ\/USD daily price chart featuring Ascending Broadening Wedge. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>But the price corrected, confirming strong selling sentiment near the Wedge resistance. It now risks enlarging its correction towards the lower Wedge trendline (near $5), based on similar pullback moves spotted since July 2021.<\/p>\n<p>As a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> rule with Ascending Broadening Wedge patterns, the price should eventually break below the structure&#8217;s lower trendline and target th lowest point, i.e., around $2.38 in Tezos&#8217;s case.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/8bff1f65-a294-43f2-9653-ec40c1bca8bd.png\"><figcaption style=\"text-align: center;\"><em>XTZ\/USD&#8217;s wedge target. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>Central charts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.centralcharts.com\/en\/gm\/1-learn\/7-technical-analysis\/27-chart-patterns\/514-ascending-broadening-wedge\">note<\/a> that almost 80% of the Ascending Broadening Wedge exits are bearish. Meanwhile, the price falls towards the bearish target six out of ten times.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fundamentals_disagree\"><\/span>Fundamentals disagree<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ling with an eerie technical setup, ADA expects to retain its bullish bias based on Cardano&#8217;s proof-of-stake blockchain adoption.<\/p>\n<p>Recently,\u00a0American songwriter, rapper, and singer Doja Cat launched her nonfungible token (NFT) collection on\u00a0OneOf, a digital art collectible marketplace running atop the Tezos blockchain. Her announcement coincided with a 42.65% upside move for ADA\/USD during the September 9-10 trading session.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/1fdba8d0-486c-4317-90a6-547602376e7f.png\"><figcaption style=\"text-align: center;\"><em>Doja Cat NFTs. Source: OneOf<\/em><\/figcaption><\/figure>\n<p>NFTs have emerged as one of this year&#8217;s most trafficked trades, with OneOf&#8217;s top rival OpenSea reporting about $3.4 billion worth of volume in August.<\/p>\n<p>Meanwhile, Ethereum hosts most NFT projects, but high transaction costs have become a point of concern. As a result, many new NFT projects have been choosing Ethereum&#8217;s cheaper alternatives. <\/p>\n<p>For example, Solana&#8217;s native asset SOL surged up to 825% from its July 20 low, primarily because of the success of Degenerate Ape Academy, an NFT project, followed by Sam Bankman-Fried&#8217;s crypto exchange FTX&#8217;s decision to integrate Solana on their NFT platform.<\/p>\n<p>A similar craze assisted in pushing the demand for XTZ tokens higher in the past seven days.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DojaCat?ref_src=twsrc%5Etfw\">@DojaCat<\/a> has done more for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Tezos?src=hash&amp;ref_src=twsrc%5Etfw\">#Tezos<\/a> than almost anyone this year.<\/p>\n<p>\u2014 Altcoin Daily (@AltcoinDailyio) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AltcoinDailyio\/status\/1435763945281712129?ref_src=twsrc%5Etfw\">September 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong><em>Related:\u00a0Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms<\/em><\/strong><\/p>\n<p>Last month, Tezos also received a boost from Europe-based banks\u00a0Crypto Finance Group, InCore Bank, and Inacta. The firms <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sobaco-incore.com\/en\/sobaco-group\/news\/corporate-details\/tezos-selected-to-enable-smart-contracts-for-leading-european-banks\">announced<\/a> that they would use the Tezos&#8217; DAR-1 token standard to issue their native tokens.\u00a0<\/p>\n<p>Additionally, InCore revealed its plans to\u00a0launch of institutional-grade storage, staking, and trading services XTZ, raising prospects that wealthy investors would want to invest in the Tezos token in the near future.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/tezos-risks-correction-below-record-high-with-xtz-rallying-250-since-july\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Tezos risks correction below record high with XTZ rallying 250% since July &#8221; A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern. Dubbed as Ascending Broadening Wedge, the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator Thomas&#8230;<\/p>\n","protected":false},"author":1,"featured_media":338670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvODA0MjYxMWQtYjdkZS00NjAwLWIxMjYtYTBjMmI0NGE1ZWQ1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,79806,110404,75326,74938,74939,75150,95118,74876,75578,92498,78261,75037,73785],"class_list":["post-338669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-analysis","tag-cointelegraph-nft","tag-ethereum-2-0","tag-ethereum-price","tag-market-analysis","tag-market-update","tag-nft","tag-proof-of-stake","tag-proof-of-work","tag-solana","tag-tech-analysis","tag-tezos","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/338669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=338669"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/338669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/338670"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=338669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=338669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=338669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}