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According to analyst Ali Martinez, Tezos is recovering rapidly, targeting all-time highs soon. Tezos, one of the popular altcoin projects, seems to have cleared the uncertainty in the cryptocurrency markets after a strong recovery. Cryptocoin. com

As we reported before , Tezos has increased by more than 36% in the last 18 hours. According to the analyst, fiyadollarsar seems to be approaching a turning point.

Possible levels waiting for the altcoin project

According to analyst Ali Martinez, if XTZ breaks the $7.20 barrier, it could rally to $12.25. Tezos has entered the NFT market and investors seem to be taking notice of it. XTZ has managed to recover strongly after a steep correction which could lead it towards all-time highs. Tezos looks to have a bright future after making a name for itself as an environmentally friendly NFT Blockchain.

Non-tradable tokens have become a hit on Tezos when rap superstar Doja Cat launched the Genesis collection on the OneOf platform earlier this month. Earlier in the year, F1 racing teams McLaren and Red Bull Racing also launched the NFT in Tezos, citing the chain’s low carbon footprint as their primary reason for choosing it over their competitors. The XTZ token appears to be developing a head-and-shoulder pattern on its daily chart since mid-April, according to analyst Ali Martinez. The so-called “Ethereum killer” currently forms the right shoulder of the bullish formation.

What do the metrics say?

Further increase in buying pressure could push Tezos above the head-to-shoulder line, leading to significant gains. 7. Breaking the $20 resistance barrier could ignite a new 70% bull run towards $12.25. This bullish target is determined by measuring the height between the head and neckline of the pattern and adding that distance to the breakout point.

The Fibonacci retracement indicator, measured from the July 20 low of $2.15 to the September 13 high of $7.20, suggests Tezos may face a few hurdles on its way to its all-time highs. These hurdles are $8.60, $9.30, and $10.30, respectively. It’s worth noting that if Tezos fails to break the head-and-shoulder neckline at $7.20, a rejection could occur leading to an increase in selling pressure. According to analyst Ali Martinez, XTZ will pull back later, but the $4.70 to $4.10 price will need to stay above the pocket for the bullish outlook to remain intact. Failure to hold this interest area as support could result in a steep correction to $3.30.


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Michael Lewis

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