The digital asset managed to break above the shrinking ascending channel on the daily chart after breaking $2.39. XTZ is currently trading at $2.68 but managed to touch $2.755 after an extended daily uptrend. The daily RSI is now on the verge of crossing to the overbought zone but this doesn’t necessarily mean that XTZ will slow down considering the huge momentum behind the cryptocurrency.
The daily uptrend is clearly still intact as the bulls managed to hold the daily 12-period EMA support 3 days in a row and bouncing significantly 3 days ago. XTZ saw a 28% price surge over the past 3 days but trading volume has remained stagnant.
XTZ Outperforming Bitcoin
It is abundantly clear that XTZ has been outperforming Bitcoin for the past 3 weeks in a significant manner. Tezos experienced a 49% increase against Bitcoin over the past 17 days, a strong uptrend with a ton of momentum behind it.
The daily chart for XTZ/BTC is in a strong uptrend and it’s looking to break all-time highs. The weekly chart is also in an uptrend after the bulls managed to set a clear higher low at 0.00024 BTC and are now looking to break the last high at 0.0004 BTC to continue with the uptrend.
Similarly, the monthly chart is also in an uptrend which basically means that all timeframes are currently in uptrends. This is extremely positive for Tezos in the short and long terms and we are very likely going to see the digital asset hit all-time highs against Bitcoin.
Tezos Looking For Healthy Consolidation In The Short Term
Back to Tezos against USDT, the digital asset is now looking for a brief pause and consolidation to cool off RSI levels on the shorter time frames. The 4-hour chart RSI has been overextended for the past 20 hours. The bulls will look at the 12-period EMA as a support guide in the short term if bears manage to break below $2.60.
Anything above $2.058 will be a higher low on the daily chart, which means the bulls have a ton of space to work with. Ideally, they would like to see Tezos go down to $2.50-2.40 and establish another clear higher low before continuing with the uptrend.