Tezos has seen some unprecedented bullishness throughout late-2019 and early-2020, with the cryptocurrency setting fresh all-time highs in February before losing its momentum and reeling lower alongside Bitcoin and most other major altcoins.
Although the crypto has shown some signs of technical strength throughout the past few days and weeks, analysts are noting that the crypto is only a hair above a key level, with a dip below this potentially putting a firm end to its recent upswing.
This comes as some investors question to mid-to-long term outlook of the blockchain, due to one of the blockchain’s original developer claiming to have some serious concerns about the platform.
Her concern, which revolves primarily around two key aspects of Tezos’ ecosystem, could prove to be the proverbial black swan that stunts the crypto’s long-term growth.
Tezos sees strong price action, but it could soon be invalidated
Tezos has seen a notable price rally throughout the past several days, climbing from weekly lows of $1.60 to highs of nearly $2.20 – which is the point at which the crypto lost its momentum and declined slightly.
In the near-term, analysts are noting that the crypto’s ongoing uptrend could be invalidated if it moves under $2.00.
Loma – a popular pseudonymous trader on Twitter – mused this possibility in a recent tweet, saying:
“XTZ: Cut my exposure in half and moved up my stops to just under $2. If we go under $2 again, I think that’s it for this move.”
Here’s why XTZ’s macro outlook may not be as bright as it seems
Although Tezos may be flashing some subtle signs of weakness as it trades just slightly above a key level, it is important to note that its long-term outlook may also not be as bright as some traders believe it to be.
The primary thing casting some doubt on the crypto’s macro outlook is one of the original developer’s remark about having “a lot of concerns about the platform” in a recent Reddit…