Tezos Quickly Recovers Suggesting New All-Time Highs Soon

Tezos Quickly Recovers Suggesting New All-Time Highs Soon

September 23, 2021

Key Takeaways

  • Tezos is up more than 36% in the past 18 hours.
  • Prices appear to be approaching a pivotal point.
  • If XTZ breaks through the $7.20 barrier, it might rise to $12.25.

Tezos has broken out into the NFT market, and it appears that investors have noticed. XTZ has managed to rebound strongly after a steep correction, which could lead it toward new all-time highs.  

Tezos Looks Primed for New All-Time Highs 

Tezos appears to have a bright future ahead of it after making a name for itself as an eco-friendly NFT blockchain.

Non-fungible tokens have become a hit on Tezos, with rap superstar Doja Cat launching her genesis collection on the OneOf platform earlier this month. Earlier in the year, F1 racing teams McLaren and Red Bull Racing also launched NFT on Tezos, citing the chain’s low carbon footprint as a primary reason for choosing it over its competitors.

The XTZ token appears to have been developing a head-and-shoulders pattern on its daily chart since mid-April. The so-called “Ethereum killer” is currently forming the right shoulder of the bullish formation. 

Further increases in buying pressure could push Tezos above the head-and-shoulders’ neckline leading to significant gains. Slicing through the $7.20 resistance barrier might ignite a new 70% bull run toward $12.25. 

This bullish target is determined by measuring the height between the pattern’s head and neckline and adding that distance to the breakout point.

The Fibonacci retracement indicator, measured from the Jul. 20 low of $2.15 to the Sep. 13 high of $7.20, suggests that Tezos might face a few hurdles on its way to new all-time highs. These obstacles sit at $8.60, $9.30, and $10.30, respectively. 

It is worth noting that if Tezos fails to break through the head-and-shoulders’ neckline at $7.20, a rejection might occur, leading to a spike in selling pressure. XTZ would then retrace, but it would need to hold above the $4.70 to $4.10 price pocket for the bullish outlook to remain intact. Failing to keep this interest area as support might result in a steep correction to $3.30. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article