Tezos (XTZ) continues to impress analysts as its price recovers rapidly from the crypto-wide crash in March.
The digital asset is trading at $2.37 at time of writing, up from around $1.36 in mid-March. A pseudonymous analyst who goes by the name Teddy tells his 30,000 followers on Twitter that Tezos is now flat out “defying the laws of gravity.”
Fellow analyst and Cointelegraph contributor Michaël van de Poppe says the asset is currently battling an important line of resistance. If it can break through, a move to $2.60 could be in the cards. If not, a correction is likely in store.
Tezos is a smart contract proof-of-stake blockchain designed to allow holders of the coin to help power the network and earn rewards in return. XTZ is currently the 10th largest crypto asset by market cap, according to CoinMarketCap.
Weiss Rankings also recently ranked Tezos first among 120 cryptos in terms of technology, beating out leading cryptocurrencies like Bitcoin, Ethereum and XRP.
As Tezos and other assets continue to recover from March’s Covid-19-related plummet, crypto whales appear to be accumulating Bitcoin at levels not seen since 2017.
The number of trading entities holding at least 1,000 BTC increased prior to the price drop last month and then accelerated during and after the crash, according to crypto analytics firm Glassnode.
Researchers say this is an optimistic sign that the largest crypto investors on the ledger believe BTC is poised for further growth. Analyst Cole Carner agrees.
I cannot express how bullish that is. pic.twitter.com/CmnPSvapuQ
— Cole Garner (@ColeGarnerBTC) April 22, 2020
Meanwhile, analyst Josh Rager says BTC is still significantly correlated with the stock market, and a plunge in traditional markets could trigger another move to the downside.
“BTC still moving steady with stock market. Again, not a 1:1 correlation, but no reason to draw $2k to $3k BTC meme charts. Unless the S&P 500 tanks, Bitcoin will hold above $6k. Potential future pullbacks in both markets but until stocks drop, I’m not bearish on Bitcoin price.”