Tezos price could explode 35% in June on this chart pattern

Tezos price could explode 35% in June on this chart pattern
  • Bitcoin Suisse adds custodial and staking support for Tezos
  • Tezos has been consolidating its April gains in the past few weeks
  • A bullish symmetrical triangle can take XTZ/USD more than 30% higher

After it gained 70% in April, Tezos (XTZ) price has been mostly consolidating its gains below the $3.00 mark in May. This consolidation phase has taken the shape of the bullish symmetrical triangle that can take XTZ/USD price 35% higher.

Fundamental analysis: Bitcoin Suisse adds custodial support and staking services for Tezos

Swiss crypto financial services company, Bitcoin Suisse, has announced custodial and staking support for Tezos, in a bid to attract more institutional consumers.

The consumers are now able to store the proof-of-stake (PoS) cryptocurrency on the Bitcoin Suisse Vault. The move is particularly targeting institutional clients such as asset and fund managers, as well as wealthy individuals to store and get rewarded for making Tezos deposits.

A few months ago, the founder of Bitcoin Suisse, Niklas Nikolajsen, praised Proof-of-Stake, arguing that once proven that it’s a well-functioning algorithm, “it is a superior system to Proof-of-Work.” 

When it comes to Tezos, stakeholders take part in the staking and governance procedure and delegate their tokens to a preferred delegation service. The delegated assets are then set in conjunction with the total staking balance and the rewards get distributed once released by the platform.

“Tezos was created with fundamental security features like formal verification that allow for institutional-grade smart contract security,” said Roman Schnider, Chief Financial Officer and chief of operations at the Tezos Foundation.

“We are excited to be adding XTZ to the Bitcoin Suisse Vault thereby making XTZ available for clients requiring a fully audited custody service. We are also very impressed by the development of the Tezos ecosystem and by including XTZ in our institutional-grade infrastructure are proud to contribute to that development,” he added.

In April, Bitcoin Suisse showed support for the rollout of a new Bitcoin-backed coin “tzBTC”, issued on the Tezos blockchain. 

The Swiss company provides a variety of crypto-related services such as brokerage, lending, custody, as well as tokenization services. The company manages more than $1 billion in assets while it seeks additional funds by selling 20% of its mother company at a pre-money valuation of $283 million.

On the other hand, San Francisco-based Tezos is also drawing attention with the rollout of its mainnet.

Technical analysis: Bullish symmetrical triangle

After it gained 70% in April, Tezos price has been consolidating its gains just below the $3.00 mark. This consolidation has now taken the shape of a bullish symmetrical triangle. This chart pattern stems from an uptrend when the price action starts consolidating between two converging trend lines. 

XTZ/USD daily chart (TradingView)

As the space between the two lines narrows down, the break and close above the $2.90 mark should generate a signal to buy the digital coin and aim for $3.70, which is a measured target of the symmetrical triangle for XTZ buyers. 

Summary

Bitcoin Suisse, which manages more than $1 billion in assets, has announced custodial and staking support for Tezos, in a bid to attract more institutional consumers. In the meantime, a bullish symmetrical triangle can take Tezos price 30% higher in the coming weeks. 

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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