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Massive Demand for Tezos could lead to an Unprecedented Price Hike

The Tezos cryptocurrency has done well in the market, with steady gains since last year. At a point a few months ago, the crypto coin reached an all-time high as its bullish trend reached its pinnacle.

Tezos (XTZ) is not about to roll back, with the high level of demand it has received within the past few days picking up pace.

The recent slump in crypto demand last month almost cut off its consolidated gains for the past few months. However, XTZ is gradually picking up and showing signs that could lead to unprecedented price gains in the weeks ahead.

How high Tezos could go

Market experts have analyzed the bullish level of the crypto coin. According to an analyst, XTZ could grow to the level where it can add 20% or more to its current price when traded against Bitcoin.

Today, the cryptocurrency was traded at $1.78, which is an impressive leap from its $1.48 value last week. Within a week, the Tezos has grown more than 20%. If this growth rate is sustained, the coin could reach an unprecedented level, which would surpass its previous all-time high few months ago.

Many analysts are looking at two major market indices for clues into how XTZ can grow soon. After looking at both indices, the analysts opined that there could be an unprecedented price surge looming ahead for XTZ.

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According to a well-known crypto analyst on Twitter, Big Cheds, “Tezos is flirting with a key demand area.” The analyst also said that the coin is moving on a very light Bollinger Bands, which means a breakout is imminent.

But the Big Cheds reiterated that this breakout may not be a short term one, with many indices pointing at a more expansive breakout.

The high price movement of Tezos could do better than Bitcoin

Although Bitcoin is the ultimate trading cryptocurrency, it doesn’t mean other coins cannot provide better profit levels. XTZ is one of those cryptocurrencies trying to outperform Bitcoin.

Another popular crypto analyst, Crypto Michael, explained that the upside target level for XTZ is about 3000 sats, against the present price of 2500 sats and  20% gain.

With the current market trend and the position Tezos has taken against Bitcoin, it will just be a matter of time before the coin performs better than Bitcoin in the market, according to Crypto Michael.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.