Super Bowl LIV and its halftime show broke the internet and media as the Kansas City Chiefs, led by Patrick Mahomes, won their first super bowl trophy in 50 years. Notwithstanding, the addition of a Bitcoin emoji on Twitter has been celebrated through the community as the price of Bitcoin boosted past $9,500 USD during the halftime Super Bowl show. While the weekend has been good for KC Chiefs and Bitcoin, it’s Tezos that has had the best weekend so far- crossing its ATH price at $2.00, to trade at $2.04 after a 16% spike in a day.
The real MVP performance of the halftime show was #Bitcoin. #BTC just hit its highest level since October 27th, 2019. $9550 breakout attempt. #SuperBowl #HalftimeShow #Halftime #cryptotwitter #crypto #cryptocurrencynews #cryptocurrency #trading pic.twitter.com/elWq3goXxT
— Lord Ray (@LordRay23) February 3, 2020
However, XTZ has witnessed a short pullback to $1.920 USD, as at the time of writing, leading to analysts predicting a move to key support levels at $1.75 USD if XTZ is to continue its uptrend. The fundamentals backing the staking token has seen some traders predict a possible 100X growth in the coming years providing more utility than Ethereum.
XTZ/USD bulls targeting a pullback to $1.750 USD
The rapid spike to $2.04 USD in the early trading hours in London saw the price breach the psychological resistance at $2.00 and also breached near term resistance provided by the upper Bollinger band at $1.865 USD.
After a rapid rise, the XTZ bulls are now entering a short term consolidation period that may well push the price towards the $1.75 key support area.
$XTZ https://t.co/zOLdi1V5j8 this thing is red hot.. been swinging a few. think small pull here then rip over 2.00 gets this thing to 2.50-3.00 fast #cryptocurrency #tezos
— Kunal Desai (@kunal00) February 2, 2020
The daily relative strength index (RSI) is currently oscillating in the overbought level further strengthening the argument of a possible reversal. Can bulls prevent a reversal and keep the uptrend going?
Is a 100X increase in XTZ price on the cards?
According to one trader, the current rise in Tezos price, combined with the increasing interest in staking tokens signals a possible undervaluation of XTZ.
“Right now, @tezos is 1/100th the price of #Ethereum, & imho, worth at least as much, if not significantly more. You’ll regret it if you don’t get in now.” – @thomas_quinlan on Twitter.
The trader believes the value of XTZ should be as high as Ethereum (ETH), which trades at approx. 100 X more.
