- XTZ prices rose more than 7% on Wednesday, breaking above $3.00
- If bulls maintain above a critical level of support, the cryptocurrency could reach over $13.00 by the end of next year.
- Ali Martinez claims that gains of up to 450% could be achieved.
Tezos trades higher than $3.00 in the last 24 hours due to a 7% jump in price and a larger upside in the crypto market.
The native XTZ token has traded at $3.18 as of this writing after a race to an intraday high close to $3.23. The XTZ/USD chart shows that the cryptocurrency has moved higher since January’s support levels.
Another surge could push the token’s price even higher, especially if bulls hold key support levels in the face of prevailing market conditions. Prices could plunge to $2.00 if there is a new downside.
Analyst believes that Tezos could rally up to 450%
Ali Martinez, a crypto analyst, agrees with the above outlook. Analyst Ali Martinez believes the XTZ weekly price could rise by 450% if bulls maintain an ascending channel.
“If the channel’s lower edge around $2.50 continues to hold, XTZ could rise to the pattern’s upper trendline at $13.6,” he noted on Twitter before the coins bounce above $3.00.
As outlined by the analyst, the upside to the channel’s upper boundary could mean a massive rally in the region of 458%. Have Tezos rallied as hard in the past?
Tezos’s price dropped more than 60% in September 2020. However, a massive rally saw it rise from $1.70 to $8.00. The bull market rebound from that bottom was capped by XTZ prices more than 430% higher around April 2021.
The trendline at the lower end that acted as support in September 2013 could offer the buffer bulls need to continue their upside assault.
But if downside pressure, likely from macro factors such as the Russia-Ukraine crisis, Fed’s rate hikes, and negative crypto regulations, hits, Martinez says to expect a drop below $2.00.
“Breaking the $2.5 support can result in a correction to $1.80,” he tweeted.
Chart showing XTZ prices in a rising parallel channels over a week. Source: Ali Martinez on Twitter.