In the weekly chart, the XTZ price action shows a bullish recovery at play. With three consecutive bullish weekly candles, the resurgence in buying pressure has overcome the long-coming downtrend.
Is this bullish reversal ready for a new all-time high? Let’s find out.
Tezos (XTZ) Price Analysis
Starting a bullish turnaround from $0.594, the recovery rally has lifted the XTZ prize by nearly 100%. It has reclaimed the $1 psychological mark and has surpassed the 23.60% Fibonacci level at $1.119.
Currently, the altcoin is trading at $1.1803 following the 47% surge last night. The bullish recovery has surpassed the long-coming resistance trend line and the 50-week EMA line.
The higher price action in the weekly candle comes from the 200-week EMA near the 38.20% Fibonacci level priced at $1.65. As the bullish trend inches closer to its 52-week high at $1.59, the chances of a new all-time high have significantly increased.
As the broader market recovers, the uptrend will likely challenge the 38.20% Fibonacci level at $1.65 for a new 52-week high.
Technical Indicators:
EMA: Supporting the bullish trend, the uptrend in the 50-day EMA increases the chances of bullish crossovers.
MACD: The MACD and signal lines regain positive alignment and bullish gap with a surge of green histograms.
Will XTZ Price Hit a New ATH?
If the altcoin sustains a closing price above the 23.60% Fibonacci level this week, the bull run will likely exceed the 200-week EMA. Based on the Fibonacci levels, the bullish trend continuation will likely reach the $2.27 mark before 2024.
However, the Fibonacci levels also paint a price target of $18 if the altcoin surpasses its all-time high of $9.145. Nevertheless, the altcoin is currently trading at a discount of $87 from its all-time high.
Conversely, a bullish failure could retest the $1 psychological mark or the 50-week EMA at $0.85 for a potential retest of the trendline breakout.
With the long-coming conclusion of the bear trend, will a reversal rally improve the chances of reaching $100? Find out now in Coinpedia’s latest Tezos price prediction, as it signals a buying opportunity.
FAQs
Tezos is trading at $1.1803 after a 47% surge last night, marking nearly a 100% rally from its recent low of $0.594.
Based on Fibonacci projections, Tezos could potentially reach $18 if it breaks past its previous all-time high of $9.145.
The critical resistance levels include the 38.20% Fibonacci level at $1.65, followed by the 200-week EMA and a 52-week high at $1.59.
