- XTZ price jumped more than 7% on Wednesday, rising above $3.00.
- If bulls hold above critical support levels, the cryptocurrency could climb past $13.00 within the next two to three months.
- Gains could reach 450%, analyst Ali Martinez suggests.
Tezos has traded higher over the past 24 hours, gaining roughly 7% and moving above the $3.00 mark as the broader crypto market strengthened.
At the time of writing, the native XTZ token is trading near $3.18 and testing an intraday high of $3.23. The XTZ/USD chart shows the token rising from support set in late January.
Another strong push higher could drive the token further up, especially if bulls maintain key support levels amid generally bullish market conditions. If those supports fail, however, a renewed downturn could push price toward new lows below $2.00.
Analyst: Tezos could recover more than 450%
This outlook was shared by crypto analyst Ali Martinez. According to Martinez, Tezos’ weekly logarithmic chart suggests the potential for gains exceeding 450% if bulls keep price inside the ascending channel that has held since October 2019.
“If the channel’s lower boundary holds around $2.50, XTZ could rise to the channel’s upper trendline near $13.60,” he wrote on Twitter prior to the token moving above $3.00.
Martinez explains that a move to the channel’s upper boundary would translate into a substantial advance of about 458%. Has Tezos experienced similar rallies in the past?
In September 2020, Tezos rallied from a low near $1.70 to above $8.00 after a drop of more than 60%, a recovery that led into a bullish cycle. From that bottom, XTZ surged over 430% into April 2021.
The lower trendline that acted as support last September could provide the buffer bulls need to mount another upside push.
Nonetheless, Martinez warns that downside pressure from macro factors — including the Russia–Ukraine crisis, Federal Reserve rate hikes, and unfavorable crypto regulation — could push XTZ below $2.00.
“Breaking the $2.50 support could lead to a correction toward $1.80,” he tweeted.
Weekly timeframe chart showing XTZ price inside a rising parallel channel. Source: Twitter Ali Martinez