The XTZ price rally, driven largely by Tezos’ entry into the NFT space, has ended up painting a classic bearish structure.
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 Bulkowski, these Wedges tell less about buying exhaustion and more about sellers’ ambition to take control, i.e., buyers tend to lose dominance every time the price touches the upper trendline.XTZ’s 250%-plus price rally from its July 2021 low of $2.08 has led to Ascending Broadening Wedge’s formation. On Monday, the cryptocurrency tested the structure’s upper trendline as resistance (around $7.5) to eye an extended upside move towards its previous record high of $8.76.XTZ/USD daily price chart featuring Ascending Broadening Wedge. Source: Tra
LUNC Proposal Aims to Appoint Binance’s CZ as Leader of Terra Classic Amidst Internal Turmoil
The post LUNC Proposal Aims to Appoint Binance’s CZ as Leader of Terra Classic Amidst Internal Turmoil appeared…
