Since the start of the year Bitcoin (BTC) has gained approximately 41% and on Feb. five the crypto asset thrilled investors as the toll bankrupt through the $9,500 resistance and rallied to ready a new yearly high at $nine,745.

In low-cal of Bitcoin's strong trend reversal from its 2022 bottom at $half dozen,400, at that place is a growing number of altcoins that take far eclipsed Bitcoin'due south recent gains. Take, for example, Tezos (XTZ) which to date has rallied 205% off its October 2022 low at $0.728.

Crypto market daily price nautical chart. Source: Coin360

As Bitcoin rallied six.xiv%, XTZ blitzed 15.76% to summit a 19-month loftier at $2.24. Aside from the recent bullish market trend that is driving many altcoins to produce double-digit gains, a growing number of crypto exchanges now offering staking rewards for investors who hold XTZ.

This week Binance likewise announced that it had added XTZ/USDT perpetual contracts. The new trading selection will let traders to cull between one-50x leverage on their XTZ/USDT positions.

Allow'southward take a look at the charts to see what the future may agree for Tezos.

XTZ USD daily nautical chart. Source: TradingView

After crossing above the $1.15 resistance and the 200-solar day moving boilerplate (DMA) on November. 6, 2022, XTZ airtight 2022 with a strong multi-month rally which brought the price just $0.02 abroad from its 2022 high at $ane.86. Since forming a local bottom at $one.25 on Jan. 2, XTZ has rallied 80.29%.

XTZ USD half dozen-hour chart. Source: TradingView

At the time of publishing, the XTZ/USD pair is still strongly bullish equally traders are maintaining purchasing volume and the relative force alphabetize (RSI) continues to push deeper into the overbought region just eventually a pullback must occur.

When this occurs traders can simply follow the Fibonacci retracement levels and volume profile visible range (VPVR) equally the current structure aligns well with both indicators.

XTZ could pull back to the 23.6% Fib retracement at $2.011 and beneath the $2.011 to $i.912 zone traders could see the toll retrace to the l% Fib retracement at $1.739 where the price history shows stronger support and a high volume node on the VPVR.

Below this support traders can look to play the gilded pocket bounce between $1.633 and $1.574 (the 61.8% and 65% Fib retracement). In the unlikely outcome that XTZ retraced the entire rally from $1.231 to $2.246, the 200-DMA will nearly likely function as potent support.

In the concurrently, traders are advised to keep an center on trading volume in the shorter time frames, and also watch to see if the RSI begins to refuse from the overbought zone or if the MACD begins to coil down towards the signal line.

Tezos weekly cost chart. Source: Coin360

The overall cryptocurrency market place cap now stands at $272.v billion and Bitcoin'south dominance rate is 64.ii%. Tezos market cap has risen to $1.56 billion and the altcoin is shut to flipping its positioning with Cardano (ADA) to rank among the meridian-10 cryptocurrencies by market capitalization.

A handful of altcoins also rallied alongside Bitcoin. A few peak performers were NEM (XEM) with a 28% gain, Bitcoin Cash (BCH) which gained fourteen.34% and Bitcoin SV (BSV) at 12.04%. Ether (ETH) also continued to rally, calculation vii.89% every bit the toll rose to $205.27.

Keep runway of superlative crypto markets in real time here