Popular cryptocurrency analyst and expert trader Michaël van de Poppe has said that Tezos ($XTZ) a decentralized computing platform that supports smart contracts, is “ready for big breakouts,” pointing to a technical pattern on the cryptocurrency’s chart.
In a tweet shared with his over 600,000 followers on the microblogging platform Twitter, van de Poppe noted that Tezos’ price chart shows a double bottom structure, which is a pattern in technical analysis that describes a change in trend and a momentum reversal.
The price of Tezos has been steadily dropping over the last few months, going from around $8.3 per XTZ at the beginning of October 2021, to now trade at $1.7 per token, after hitting a low slightly above $1.5 last month. The cryptocurrency’s all-time high was above the $12 mark back in December 2017.
The cryptocurrency analyst added that XTZ needs to “break $2” in a bid to move toward its resistance around the $3 mark.
As CryptoGlobe reported, earlier this year the Tezos network saw its activity explode as non-fungible tokens (NFTs) on it gained adoption and after the number of smart contracts within it tripled last year from about 200 to over 600 at the time.
Tezos has notably been chosen by French video game developer Ubisoft to launch gaming NFTs within its network, as well as by McLaren Racing, which launched an NFT collection called the “McLaren Racing Collective,” in a move made to engage with Formula 1’s over 87 million fans.
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