XTZ is the native cryptocurrency of the Tezos blockchain, a chain similar to Ethereum.
The price of XTZ is $1.67 at the time of writing and has remained in an ascending channel since mid-June. Its price ranges between $1.3 and $2 after bouncing off the $1.2 support around June 15th, 2022.
Over the long term, XTZ has formed an interesting pattern.
On the daily chart, a bullish wedge pattern is visible, making the question on everyone's lips, "is XTZ ready for a bullish breakout?".
Since hitting a high of $9.2 in October 2021, the price of the cryptocurrency has declined almost 90%, easily making the dip on XTZ one of the steepest ones in the crypto market.
In a Twitter thread, popular crypto analyst Michael van de Poppe CryptoMichNL shared his thoughts with his 600,000 followers.
According to van de Poppe, XTZ is "ready for a breakout." He also noticed that the XTZ charts had formed a double bottom pattern, signaling a potential move in price momentum to the upside.
Back in 2017, XTZ was as high as $12. It hit the $9 mark in early October 2021 and has dipped to a range between $1.5 and $1.7.
Michael van de Poppe also noted that the cryptocurrency has to break the $2 mark to move up towards the next resistance, around $3.
The Tezos blockchain is similar to Ethereum in that smart contracts, and DApps can also be built on top of it.
This quality has helped the chain so far as the number of Non-Fungible Tokens (NFTs) and smart contracts on it have gained massive adoption. Last year alone, the number of these Dapps on the chain tripled from around 200 to 600, spelling a bright future for the price of Tezos.
The video game development company Ubisoft has also chosen the Tezos chain as a launchpad for its gaming NFT reward system and the racing platform, McLaren, to launch their NFT collection called the "McLaren racing Collective" in a move to engage with F1's over 87 Million Fans.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)