XTZ back to $4 soon?

XTZ back to $4 soon?

By Cryptofab | Cointune | 30 Jan 2021

Tezos has always been one of the best competitors of Ethereum as a smart contract blockchain.

XTZ reached its ATH at $4.44 last summer before decreasing and has remained between $2 and $3 until December.

However, XTZ started to exceed again $3 when the New Year started, without confirming, and is now close to return above this threshold again.

Why could we think XTZ will surge again?

Because XTZ is now evolving in an ascending channel, but has not increased significantly yet, waiting for a bullish signal.

This signal could come from LINK increase since XTZ correlation with LINK is 95% and LINK has increased by more than 5% vs BTC in the last 24 hours.

Furthermore, XTZ has progressed slowly but surely on DeFi projects: gas fees reduced by 75% due to Delphi update in November, introduction of a wrapped ETH on their network in December... Some new announcements can be expected soon.

The still low value of XTZ, its correlation with LINK and the recent & next updates on DeFi projects will likely pump XTZ higher. However, in order to minimize the risk, you may put a stop loss vs a more stable coin like BNB on Binance for instance.

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Note: I am not a financial advisor. Please do your own research before investing.

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