$XTZ Tezos is up to a double until December.

21 Okt 2021

In the current market conditions when BTC is in the price discovery mode buying alts can be a bit premature, however, I think that @cousincrypt0 could be right tweeting that we might never see BTC dominance at the levels of 2016 or 2018 again. After BTC had hit the bottom at 29k some of the altcoins like SOL , EGLD , XXTZ and others went for ATH showing incredible strength and outperforming BTC. Therefore buying some alts with good fundamentals should be a good idea. For example SOL has risen for 900% since the May crash and one of the main reasons behind this glorious pump was the NFT craze. XXTZ has successfully implemented NFTS so now minting NFTs on Tezos is possible, moreover, a number of NFT platforms already function enabling users to sell/buy nfts of different kinds (music, paintings, collectibles, etc). All of that should be a great catalyst for XTZ to go up and not to lag on BTC pair.

Now lets take a look at the technicals..
XXTZ has completed the Elliot wave cycle hitting 9$ at the top of the fifth wave, what followed next looks like an ABC correction. The price touched the 0.382 (6.47) fib level at 6.5$ that also coincided with the 2/1 Gan. I would like to draw your attention to how XTZ respects Gan fan lines where 1/1 acts as resistance and 2/1 and 3/1 as support and the whole uptrend since July is ranging in between these lines. Therefore point C was a great spot to buy a bag as it could be the begging of another Elliot waves cycle. The possible levels of resistance are 7.5$ and 9$ 0.236 (7.504) and 0(9.174) fib. levels respectively.
One the other hand if BTC dips XTZ will surely follow and retrace at least to 5.66$ which will be a good area to add more.
Overall XTZ should be a good mid term investment.