Tezos Price Forecast: XTZ primed for surge to new all-time highs

• Tezos price seems to have finalized its consolidation period and is ready for a new leg up.
• The digital asset held above a critical support level and faces almost no barriers ahead.
• A breakout above a key resistance point on the 4-hour chart should push XTZ to previous highs.

The Tezos price had a 20% correction down to $5.37 but has recovered well and is poised for a new leg up after defending a crucial support level. The digital asset remains in price discovery mode after establishing a new all-time high of $6.8 on April 6. 

Tezos price aims to continue strong uptrend

On the 4-hour chart, the Tezos price held above the 50 SMA support level at $5.4, and it is trading at $5.92 at the time of writing. The strongest resistance point in the short term is located at $6, a psychological level, and the 78.6% Fibonacci retracement level. 

XTZ/USD 4-hour chart

A breakout above $6 should quickly drive the Tezos price toward the previous all-time high of $6.8. The RSI has cooled off significantly, which will allow bulls to push XTZ easily to new all-time highs. 

XTZ/USD 4-hour chart

At the same time, a rejection from the key level at $6 will push the Tezos price down to the 50 SMA at $5.4, which also coincides with several lows formed on April 7.  A breakdown below this point has a price target of $5, a psychological level, and the 50% Fibonacci retracement point. 

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