Tezos (XTZ) displays an upward recovery after a long downtrend. Can XTZ reach a new all-time high?
Current Price Dynamics of XTZ
Tezos is currently trading at $1.1803 following a 47% surge overnight. Starting a bullish turnaround from $0.594, XTZ has risen nearly 100%, reclaiming the $1 psychological mark and surpassing the 23.60% Fibonacci level at $1.119.
XTZ Technical Indicators
EMA: The uptrend in the 50-day EMA supports the chances of bullish crossovers. MACD: The MACD and signal lines regain positive alignment with an increase in green histograms.
Probability of a New All-Time High for XTZ
If the XTZ maintains a closing price above the 23.60% Fibonacci level, the bullish trend might exceed the 200-week EMA. Fibonacci levels suggest a potential price of $18 if it breaks past its previous all-time high of $9.145.
As the broader market recovers, XTZ might break through key resistance levels. Whether the reversal rally helps reach a new high remains to be seen.
