Tezos Soars! But Is It a Trap?

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Key Takeaways

Ah, Tezos! The darling of the crypto world, or so it seems. It’s strutting its stuff, reclaiming that fancy $0.7 resistance zone like it owns the place. But hold your horses, comrades! Those deep pullbacks and liquidity hunts? They’re lurking in the shadows, ready to pounce. 😈

Tezos [XTZ] has been on a wild ride, gaining a whopping 8.2% in the last 24 hours. Coinalyze, our trusty oracle, tells us its Open Interest shot up by 51.2% in the same time. Intense speculative bidding, they call it. Sounds more like a casino to me! 🎰

The Futures data? It’s exploding like a firework display! Open Interest has been going bonkers over the past two days as that $0.68-$0.7 resistance zone got tested. Those Tezos bulls, they’re feeling confident, riding the wave of Bitcoin‘s [BTC] bullishness and the altcoin frenzy in July. But remember, comrades, what goes up must come down. 📉

The spot CVD, however, hasn’t been playing along. It’s not trending higher, which makes me think this rally is all smoke and mirrors, driven by those fickle speculative traders. Brace yourselves for volatility, comrades! Deeper pullbacks are coming, and they might just leave you with a nasty hangover. 🤕

So, what’s a poor investor or trader to do in these uncertain times?

The long-term Tezos outlook? Well, it’s a bit of a mystery…

The 1-day chart shows a bullish structure break on the 9th of July. Marked in cyan, this break came after XTZ set higher lows since mid-July. Those bulls have been sharpening their horns, and they’ve been unstoppable for the past ten days. Since that bullish break, XTZ has gained a respectable 40% in value. Not bad, eh?

It even managed to climb past that pesky $0.7 resistance zone. Highlighted by the cyan box, this supply zone has been a thorn in Tezos’ side since March. Those bulls failed to break past it in May, but this time, they’ve conquered the beast! 💪

Now, if XTZ retests that same zone, it could be a golden opportunity to buy. But hold your horses! The RSI on the 1-day chart is at 84, deep in overbought territory. That’s a flashing red light, comrades! A pullback is coming, mark my words. The OBV, however, shows buying pressure. So, a retracement toward $0.7-$0.75 might just be the ticket to ride this rollercoaster.

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2025-07-20 09:15