According to analyst Ali Martinez, popular altcoin Tezos looks set to enter a new bull train to all-time highs.
- Tezos has increased nearly 80% in the last three days.
- The spike may allow the altcoin price to break $6.50, according to Ali Martinez.
- After overcoming resistance, XTZ could double the price, according to Ali Martinez.
Market participants are showing fear after this week’s crypto flash crash. Still, according to Ali Martinez, some assets such as Tezos show that the bull market may not be over as they prepare for their all-time highs.
Ali Martinez: Popular altcoin Tezos may enter the new bullish trend!
According to Ali Martinez, Tezos may be ready to rally. Popular altcoin XTZ has recorded a significant recovery following the sudden collapse of the crypto market on September 7. Its price rallied by about 80% and rallied from the $3.90 low to $6.90 high. It seems that the recent bullish impulse has allowed the price of XTZ to cut the middle trendline of a parallel channel where it has been holding since 2019.
According to Ali Martinez, since then every time Tezos has risen to the upper or middle boundary of the channel, a rejection has occurred that has pushed the fiadollaryellow to the lower edge. From this point on, the pattern tends to rebound, which is consistent with the characteristic of a channel. The consolidation pattern on the three-day chart shows that XTZ could move towards the $12 upper limit as long as the middle trendline of the channel at $5.40 persists, according to Ali Martinez. However, losing this critical level as support could lead to a steep correction at the lower edge of the channel at $3.
Analyst: Pay attention to these levels in Altcoin!
On a lower time frame like the daily chart, Tezos’ outlook becomes clearer. According to Ali Martinez, the Tom DeMark (TD) Sequential indicator shows that the resistance setup trendline at $6.60 is acting as hard resistance and is preventing XTZ from going further. Therefore, only a decisive daily candlestick above this resistance level can mark the start of an 83% run towards $12, according to Ali Martinez.
It is worth noting that in a sell situation, according to Ali Martinez, there is an important support cluster that could prevent Tezos from cutting the bottom of the channel. According to Ali Martinez, the $4 to $3 price range is supported by the 200, 100, and 50-day moving averages, as well as the TD’s support establishment trendline and the 23.6% Fibonacci retracement level. According to Ali Martinez, this important demand wall could act as a recovery zone and prevent prices from falling.
TD Sequential’s signals were successful!
Cryptocoin. com , TD Sequential has made very successful predictions in the market recently. Over 25 cryptocurrencies and Bitcoin signals of the indicator have been correct in recent years.