fxs_header_sponsor_anchor

Tezos ready for new all-time high as XTZ grapples with crucial support

  • XTZ price is currently bouncing off the $7.18 support floor.
  • A bounce off this barrier will likely propel Tezos by 22% to $8.73.
  • A breakdown of the $6.56 demand barrier will invalidate the bullish thesis.

XTZ price has been on a slow downtrend since its all-time high on October 4. This descent has pushed Tezos down to a crucial support floor which will decide its fate going forward.

XTZ price at make or break

XTZ price rose 71% from September 29 to October 4, setting up an all-time high at $9.17. Since this point, Tezos underwent a correction that is stabilizing around the $7.18 support floor. Going forward, it is crucial that XTZ price stays above the $7.18 support barrier to have any shot at an uptrend.

Assuming the buyers step in and win this battle of control, XTZ price will rally 22% to take a jab at $8.73. Clearing the said barrier will allow Tezos to continue its ascent toward the next hurdle at $10.27, a new all-time high. 

In special cases, XTZ price could extend toward the 261.8% trend-based Fibonacci extension level at $13.32. This move would represent an 83% climb from the $7.18 demand level.

XTZ/USDT 6-hour chart

While the bullish assumption is plausible, it is based on the assumption that XTZ price wil stay above $7.18. Failing to do so will decrease the chances of a bull rally and knock Tezos down to $6.56.

If the buyers fail to defend this level and produce a lower low below it, it will invalidate the bullish thesis. This development could trigger an 11% descent to $5.8.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.