One altcoin that is giving a good fight against the Bitcoin (BTC) dominance is Tezos (XTZ). Coinmarketcap.com ranks the delegated proof of stake crypto at the nineteenth position at press time.
On August 12, the Tezos Foundation announced that camlCase was awarded a grant to support the development of a decentralized exchange protocol on the Tezos blockchain.
Let’s see how the price charts interpret this recent information.
Following a top-down multiple time frame analysis, we identify the significant chart patterns, driving the price of the XTZBTC.
Starting from the higher monthly time frame, the XTZ price formed a long bullish-bar on March 01 ’19, while exiting the crypto winter. Two months down the line, the pair flagged a bearish accumulation pattern on May 01 ’19, following a hanging-man candlestick pattern on April 01 ’19.