Tezos Nearing a New High: What's Next for XTZ?

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by Giorgi Kostiuk

2 years ago

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.

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