Tezos (XTZ) recovers quickly and can reach a new ATH

Key factors

• Tezos is up more than 36% in the past 18 hours.
• The price seems to be approaching a critical point.
• If XTZ breaks the $ 7.20 mark, it can rise to $ 12.25.

Tezos’ entry into the NFT market has caught the attention of investors. XTZ has rebounded sharply from a steep correction that could take it to a new all-time high.

Tezos seems to be heading for a new ATH

Tezos has a bright future ahead of it after making a name for itself as an environmentally friendly NFT blockchain.

The NFTs have become a hit on Tezos, with rap superstar Doja Cat releasing her collection on the OneOf platform earlier this month. F1 teams McLaren and Red Bull Racing NFT also made their debut on Tezos earlier this year as the platform’s carbon footprint is lower than that of its competitors.

XTZ appears to have been forming an inverse head and shoulders pattern on its daily chart since mid-April, which is currently the right shoulder of that pattern.

Further increased buying pressure could drive Tezos over the cutout of the pattern, which would lead to a significant profit. A break above the stiff resistance at $ 7.20 could trigger a 70% rally towards $ 12.25.

This up target is identified by adding the height of the pattern to the breakout point.