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The crypto market remains vulnerable to a bloodbath as prices hover within constricted ranges. Nevertheless, some alternative tokens, like XTZ, have decoupled from broad market tendencies. Tezos explores upside trends as it kept its latest leg up.
XTZ appears prepared for the 4th day of uptrends after maintaining bullish strength since June 4. The alternative token explored the $1.83 value area over the weekends and kept an upside trajectory. XTZ climbed towards the $2.20 high at this publication, though struggles to confirm further uptrends.
Possible Reasons for Short-Lived Uptick
Tezos has traded inside a constricted range, like many large-cap tokens, since mid-May. For now, the altcoin trades around the topside range, exploring levels that have acted as resistance. That highlights why XTZ faces a massive hurdle around the $2.15 value area.
Meanwhile, XTZ shows a bullish weakness signal plus a retracement following an upside move within the past couple of hours. The Relative Strength index hovers around the 50-area and seems ready to ensure some friction for Tezos bulls, as investors will likely book profits around this zone, magnifying bearish retracement chances.
Weak accumulation to back further uptrends also contributes to potential reversals for the alternative token. Moreover, on-chain metrics appear to match this expectation. For instance, the whale supply index confirms substantial outflows between June 6 and June 7.
Furthermore, Tezos had its market capitalization reduced over the past 48 hours, confirming weakening bullish pressure. Though the current outlook, Tezos maintains massive growth and popularity within the art world.
Some market players might argue that XTZ is swiftly turning into Ethereum. Tezos remained dedicated to back digital art as a direction for the non-fungible tokens technology. The platform retained impressive social volumes within the past months amidst market challenges.
Though Tezos’ near-term outlook appears bearish, XTZ prices have seen higher lows. That might signal remarkable accumulation around the bottom. And that can translate to additional long-term bullish momentum.
Tezos’ current upside comes as the broad market saw bullish reactions overnight. For instance, Bitcoin surged 3.22% within the past 24 hours, changing hands at $30,517 at this publication. BTC’s leg ups pushed alts up, including XTZ.
Editorial credit: Piotr Swat / shutterstock.com
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