As Bulls Target $2.27, Is $18 a Realistic Target?
On the weekly chart, XTZ price action shows that a bullish recovery is in play. Resurgent buying pressure has overcome the long-term downtrend thanks to three consecutive bullish weekly candles.
Is this bullish reversal poised for a new all-time high? Let’s take a look.
Tezos (XTZ) Price Analysis
A bullish rally from $0.594 boosted XTZ bonuses by nearly 100%. It has reclaimed the psychological $1 mark and crossed the 23.60% Fibonacci level at $1.119.
The altcoin is currently trading at $1.1803 after surging 47% last night. The bullish recovery has broken above the long-term resistance trend line and the 50-week moving average.
The higher price action in the weekly candle comes from the 200-week EMA, which is near the 38.20% Fibonacci level at $1.65. As the bullish trend approaches the 52-week high of $1.59, the likelihood of a new all-time high increases significantly.
As the broader market recovers, the uptrend could challenge the 38.20% Fibonacci level of $1.65, a new 52-week high.
Technical indicators:
EMA: Supporting the bullish trend, an uptrend at the 50-day EMA increases the chances of a bullish crossover.
MACD: The MACD and signal lines are back in positive alignment and bullish gaps, with green histograms surging.
Will XTZ price hit new ATH?
If the altcoin closes this week above the 23.60% Fibonacci level, the bull run could exceed the 200-week EMA. Based on Fibonacci levels, the continuation of the bullish trend could reach the $2.27 mark by 2024.
However, the Fibonacci levels also set a price target of $18 if the altcoin breaks out of the all-time high of $9.145. Nonetheless, the altcoin is currently trading $87 below its all-time high.
Conversely, a bullish failure could retest the psychological $1 barrier or the 50-week EMA at $0.85, potentially retesting a trendline breakout.
With the bear trend coming to an end, will a reversal rally improve the chances of hitting $100? Find out now in the latest news from Coinpedia Tezos Price Predictionas it signals a buying opportunity.
FAQ
Tezos is trading at $1.1803, surging 47% last night and up nearly 100% from its recent low of $0.594.
According to Fibonacci projections, Tezos could reach $18 if it breaks above its previous all-time high of $9.145.
Key resistance levels include the 38.20% Fibonacci level at $1.65, followed by the 200-week EMA and the 52-week high at $1.59.
