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Renowned cryptocurrency trading and analyst Michaël van de Poppe has said that Tezos ($XTZ), a decentralized computing platform that supports smart contracts, is “ready for major breakthroughs.” This is indicated by a technical pattern on the chart of cryptocurrencies.
In a tweet shared with his more than 600,000 followers on the microblogging platform Twitter, van de Poppe noted that Tezos’ price chart shows a two-bottom structure. This is a pattern in technical analysis that describes a change in trend and a reversal of price dynamics.
Request 03 – $XTZ
Market looking ready for big breakouts all over the place.
Double bottom structure.
Needs to break $2 and then we'll be good towards $3 resistance. pic.twitter.com/bV1MvgKm91
— Michaël van de Poppe (@CryptoMichNL) September 11, 2022
Tezos prices have consistently declined over the past few months, from around $8.3 per XTZ in early October 2021 to now trading at $1.7 per token, after hitting slightly lower than $1.5 last month. The all-time high of this cryptocurrency was above the $12 mark in December 2017.
The cryptocurrency analyst added that XTZ needs to “break the $2 level” to move towards the resistance level around the $3 mark.
As reported, earlier this year, the Tezos network saw the explosive activity as NFTs were accepted after the number of smart contracts. The number of smart contracts tripled last year from about 200 to more than 600.
Tezos was picked up by French video game developer Ubisoft to launch NFTs in its network. Similarly, McLaren Racing launched an NFT collection called “McLaren Racing Collective” in a move made to interact with Formula’s more than 87 million fans.
