Story Highlights
XTZ has reclaimed the psychological level of $1 and has broken through the 23.60% Fibonacci level at $1.119.
The weekly chart shows bullish momentum with three consecutive bullish candles, breaking above the 50-week EMA.
The Fibonacci levels predict an optimistic target of $2.27 for 2024, and a long-term potential high of $18 if key resistance levels are broken.
In the weekly chart, the XTZ price trend shows a bullish recovery momentum. With three consecutive bullish weekly candlesticks, the resurgence of buying pressure has overcome the long-term downtrend.
Is this bullish reversal ready to set a new all-time high? Let's find out.
Tezos (XTZ) Price Analysis
A bullish reversal has emerged from $0.594, with the recovery rally pushing the XTZ price up nearly 100%. It has reclaimed the psychological level of $1 and has broken through the 23.60% Fibonacci level at $1.119.
Currently, the altcoin is trading at $1.1803, having surged 47% last night. The bullish rebound has surpassed the long-term resistance trendline and the 50-week EMA line.
The price increase in the weekly chart stems from the 200-week EMA approaching the 38.20% Fibonacci level, priced at $1.65. As the bullish trend gradually approaches the 52-week high of $1.59, the possibility of setting a new all-time high significantly increases.
With the market recovering, the upward trend may challenge the 38.20% Fibonacci level of $1.65, setting a new 52-week high.
Technical Indicators:
EMA: Supports the bullish trend, and the rising trend of the 50-day EMA increases the likelihood of a bullish crossover.
MACD: The MACD and signal line have regained positive alignment and bullish divergence with the surge of the green histogram.
Will XTZ price set a new high?
If the altcoin's closing price this week remains above the 23.60% Fibonacci level, the bull market may exceed the 200-week EMA. According to Fibonacci levels, the continuation of the bullish trend may reach the $2.27 mark before 2024.
However, if the altcoin breaks its all-time high of $9.145, the Fibonacci levels will also set a target price of $18. However, the current trading price of the altcoin is discounted by $87 from its all-time high.
Conversely, a bearish failure could retest the psychological level of $1 or the 50-week EMA at $0.85, potentially retesting the trendline breakout.
As the bear market trend ends, will the reversal rally increase the chances of reaching $100? Check out Coinpedia's latest Tezos price prediction now, as it signals a buying opportunity.
Story Highlights
XTZ has reclaimed the psychological level of $1 and has broken through the 23.60% Fibonacci level at $1.119.
The weekly chart shows bullish momentum with three consecutive bullish candles, breaking above the 50-week EMA.
The Fibonacci levels predict an optimistic target of $2.27 for 2024, and a long-term potential high of $18 if key resistance levels are broken.
In the weekly chart, the XTZ price trend shows a bullish recovery momentum. With three consecutive bullish weekly candlesticks, the resurgence of buying pressure has overcome the long-term downtrend.
Is this bullish reversal ready to set a new all-time high? Let's find out.
Tezos (XTZ) Price Analysis
A bullish reversal has emerged from $0.594, with the recovery rally pushing the XTZ price up nearly 100%. It has reclaimed the psychological level of $1 and has broken through the 23.60% Fibonacci level at $1.119.
Currently, the altcoin is trading at $1.1803, having surged 47% last night. The bullish rebound has surpassed the long-term resistance trendline and the 50-week EMA line.
The price increase in the weekly chart stems from the 200-week EMA approaching the 38.20% Fibonacci level, priced at $1.65. As the bullish trend gradually approaches the 52-week high of $1.59, the possibility of setting a new all-time high significantly increases.
With the market recovering, the upward trend may challenge the 38.20% Fibonacci level of $1.65, setting a new 52-week high.
Technical Indicators:
EMA: Supports the bullish trend, and the rising trend of the 50-day EMA increases the likelihood of a bullish crossover.
MACD: The MACD and signal line have regained positive alignment and bullish divergence with the surge of the green histogram.
Will XTZ price set a new high?
If the altcoin's closing price this week remains above the 23.60% Fibonacci level, the bull market may exceed the 200-week EMA. According to Fibonacci levels, the continuation of the bullish trend may reach the $2.27 mark before 2024.
However, if the altcoin breaks its all-time high of $9.145, the Fibonacci levels will also set a target price of $18. However, the current trading price of the altcoin is discounted by $87 from its all-time high.
Conversely, a bearish failure could retest the psychological level of $1 or the 50-week EMA at $0.85, potentially retesting the trendline breakout.
As the bear market trend ends, will the reversal rally increase the chances of reaching $100? Check out Coinpedia's latest Tezos price prediction now, as it signals a buying opportunity.
