Bitcoin and altcoin market continues its sideways movements after the publication of the Fed minutes. Short-term selling has not yet been enough for the bears to reach critical supports. Meanwhile, XTZ price breaking the triple top is suggesting a 15% rally. Analyst Filip L. says the next 48 hours are critical.
Why should XTZ traders be on screen for the next 48 hours?
Tezos (XTZ) price action saw its gains end on Wednesday following the release of Fed minutes. As Kriptokoin.com, we have quoted the items from the minutes dated July 26-27 in this article. As a result, most of the media interpreted the minutes as a slowdown in rate hikes. However, global markets tell a different story, with all at-risk markets lagging behind. This triggers a big question. Is yesterday’s breakout a bull trap, or is it just a pullback and a window of opportunity to continue long again against the supporting trendline?
Altcoin market prepares to decide
Tezos had seen the bulls play their hand in the US trading session before the Fed minutes came out late. Normally, these minutes do not come as a surprise, as Powell and other Fed members have long swept the markets for their views on rate hikes and the way forward for the FOMC committee. But the ASIA PAC session showed a diversion in what Twitter, Bloomberg, and other financial news outlets said about the minutes, which indicate a situation where rate cuts or rate hikes are likely to slow in the near future.
Therefore, XTZ price is at a crossroads.
According to analyst Filip L., a possible bull trap will push XTZ price 10% towards $1.66 as the 55-day SMA and monthly pivot slows and catches the downside.
The analyst also predicts that if the uptrend continues, the bulls will run to $2 as the next target. This comes as markets get used to the Fed rhetoric and after a short volatility it starts to see the silver lining again to trade higher. XTZ price could then be on target for $2.25 near the May 26, 2022 high.
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