Tezos, a blockchain known for its onchain governance system, has activated its 16th protocol upgrade, Paris, on mainnet on June 4th, 2024. This upgrade introduces the Data Availability Layer (DAL), which boosts Layer 2 throughput and unlocks new use cases in gaming, ticketing, and services requiring high-speed transactions. The upgrade also reduces block times to […]
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XTZ Gains 16% As Tezos Foundation Announces Partnership With Google Cloud
The crypto market has held a rather stable position in the last week, with many assets showing no significant price changes. In the midst of this quietness, a few assets like Tezos(XTZ) have been able to generate some excitement, recording positive price gains for many investors.
According to data from CoinMarketCap, Tezos (XTZ) has rallied by 16.54% in the last seven days, outperforming major assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) within that same period. Overall, XTZ has been one spectacular token in 2023, gaining by over 83% since the start of the year.
While numerous factors are driving up XTZ’s price, a notable factor in recent days is Tezos Foundation’s announcement of its partnership with cloud computing giant Google Cloud on Wednesday, Feb. 23.
However, before that, Tezos(XTZ) has been trending due to the constant buzz surrounding its Mumbai network update. While still in the voting stage, the Mumbai update promises to improve several capabilities of the Tezos blockchain, for example, reducing the block production time to only 15 seconds.
At the time of writing, Tezos is trading around .29, with a daily trading volume of .82 million. Based on more data from CoinMarketCap, the altcoin has a market cap value of .20 billion and is the 49th largest cryptocurrency in the world.
XTZ trading at .28 | Source: XTZUSD Chart on Tradingview.com
Tezos Partners Up With Google Cloud
On Wednesday, the Tezos Foundation announced its partnership with Google Cloud to “accelerate web3 application development on the Tezos blockchain”.To achieve such a goal, this collaboration will allow Google customers to easily become “bakers” (network validators ) on the Tezos blockchain.
Google Cloud itself will also serve as a baker on the Tezos network, joining the popular gaming brand Ubisoft. Furthermore, this partnership will enable Google customers to easily build and deploy web3 applications. Using the combined infrastructure of Tezos blockchain and Google Cloud services, developers and companies will also be able to host Remote Procedure Call (RPC) nodes for various decentralized applications.
Another exciting benefit of the partnership between Google Cloud and Tezos is that Tezos incubator startups are now qualified to receive Google Cloud credits and mentorship courses through the Google for Startups Cloud Program.
That said, other notable brands with which Tezos has partnered in recent years include English Football Club Manchester United and the California Department of Motor Vehicles.
Tezos (XTZ) Price Prediction 2023
So far, Tezos (XTZ) has been one of the most promising tokens in 2023, garnering a lot of attention. There are so many investors who wonder what heights or lows this altcoin could reach this year.
At Coincodex, they predict the XTZ will gain by 7.91%, hitting a price of .38 in the next five days. However, their forecasts also projected the token to return to its current price region in 30 days’ time, trading at around .31.
Meanwhile, DigitalCoinPrice, another price prediction site, provides a long-term outlook on the appreciation prospects of Tezos.
According to their predictions for 2023, Tezos is expected to hit a peak price of .14 before the year runs out. They also anticipate the token’s minimum and the average price to be around .79 and .89, respectively.
That said, investors should remember these price predictions are speculations and do not represent financial advice.
Featured Image: Shrimpy Academy, Chart from TradingView
Google Cloud to Become Tezos Validator and Offer Validation Services
Google Cloud, the remote services division of the software giant, has announced a partnership with blockchain company Tezos to become a block validator (“baker”) in its network. As part of this partnership, Google Cloud will also offer Tezos validation services through its platform, allowing easier deployment for customers worldwide.
Google Cloud Partners With Tezos
Google Cloud announced a partnership with Tezos, a decentralized Web3 company, that aims to make it easier for Google customers to build and maintain services on top of the Tezos blockchain. The company will become a validator (also known as a “baker”) in the Tezos network, allowing it to be part of, and contribute to, the operation of the system.
The partnership encompasses the inclusion of the Tezos blockchain in Google Cloud’s platform, simplifying the task for companies and developers that build and maintain applications on top of Tezos. This integrates Tezos as another network that can be accessed by Google Cloud customers, alongside other blockchain projects such as Ethereum, Bitcoin Cash, Dash, Litecoin, Hedera Hashgraph, and Polygon, among others.
Tezos developers will also ostensibly be able to benefit from this partnership, as some startups incubated by Tezos will receive credits and mentorships from Google.
Significance of Blockchain
For Google Cloud, offering this kind of Web3-focused service is key to satisfying the growing number of its customers that want to implement their services in an easy way, allowing them to accelerate development and deployment processes. On this, James Tromans, engineering director for Web3 at Google Cloud, declared:
Developers know the value of great technology, and we see an opportunity to provide differentiated offerings that build on top of the foundation that similarly supports many of the products and services that blockchain developers seek to build.
Furthermore, Tromans explained that one of the most significant achievements of this partnership includes the opportunity for Google Cloud customers to be able to run nodes in an easy way. He believes this allows builders to direct their efforts towards building their products, leaving node management and maintenance tasks to the service. “Running nodes at scale is time-consuming, costly, and ultimately pulls focus away from building the core products,” he stated.
Tezos is currently involved in a project to digitize all of the registered vehicle titles in California to the blockchain, as the Department of Motor Vehicles in California revealed in January.
What do you think about the partnership between Tezos and Google Cloud? Tell us in the comments section below.
Tezos Approaches The ‘Mumbai Upgrade’, What’s Next For XTZ?
Tezos (XTZ) network is readying itself for its latest upgrade, called the ‘Mumbai Upgrade.’ On January 17, Nomadic Labs, which is a blockchain developer within the Tezos community, mentioned the Tezos protocol proposal, Mumbai, which is headed toward the implementation process.
This will be the 13th upgrade made to the Tezos network. This upgrade will implement various new features. The main features include transfer tickets between accounts and a much shorter block time of 15 seconds.
Further, this upgrade will add Epoxy, a new technology on Mainnet, which is precisely a validity rollup that can also be referred to as a new layer 2 scaling solution.
The Mainnet will gain further strength due to Epoxy, which introduces SNARKs’ proof-of-validity, which will be the reason for quicker transactions.
This 13th upgrade, which is called the ‘Mumbai Upgrade’ will be implemented after a number of tests are carried out. However, once implemented, the system will get closer to Tezos’ target of achieving one million transactions per second, according to the Nomadic Lab’s report.
The implementation of the upgrade will, as a consequence, increase the value of Tezos’ native token XTZ. The price of the altcoin, XTZ, has reacted positively to this development. XTZ experienced a price reversal, but the altcoin has since resumed its bullish momentum.
Tezos Price Analysis: One-Day Chart
XTZ was trading at .99 at the time of writing. Although the coin started to retrace over the 48 hours, it has regained bullish momentum on the chart. The altcoin has formed a prominent cup-and-handle trading pattern, which is an extension of bullish momentum.
This change in price momentum can be attributed to the announcement of the ‘Mumbai Upgrade’. Immediate resistance to XTZ stands at .02, but the coin is expected to retrace to .97.
Once it reaches the .97 mark, Tezos can target .19, which will mean an 18% appreciation. Over the last week, the coin managed to surge over 8%. The amount of XTZ traded in the last session increased, signifying an increased amount of buying.
Technical Analysis
XTZ had secured a multi-month high with regard to the buying pressure it witnessed. The Relative Strength Index (RSI) touched the 80 mark a few trading sessions ago, signifying an overvalued tendency.
Often, a coin that is overbought experiences a price correction and a fall in demand; Tezos also displayed the same, but at press time, the RSI again noted an uptick.
This uptick could mean that the altcoin might head back close to the 80-mark. This unusual uptick can be because of the newest development.
On the same note, XTZ rose above the 20-Simple Moving Average (SMA), which indicated that buyers were driving the price momentum.
The coin was above the 50-SMA (yellow) line too. So with increased accumulation, XTZ can soon breach the 200-SMA (green) line.
Overall, Tezos remains quite optimistic on the chart; however, the coin has to remain above its local support line of .97 for the uptrend to continue.
Tezos (XTZ) Breaks Out Of A Falling Wedge As Price Could Hit $2 Mark
- XTZ’s price shows a spark of strength as price breaks out from a descending triangle as price eyes with good volume.
- XTZ continues in a range-bound downtrend movement as the price aims to breakout.
- The price of XTZ continues to trade below the 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe.
Despite market uncertainties that have affected the prices of many altcoins in recent weeks, the price of Tezos (XTZ) has remained strong. Tezos (XTZ) has held firm ahead of a breakout from its long downtrend, with the price indicating a possible rally to . Bitcoin (BTC) price bounced off its low of ,100 to ,600 as it attempted to rally to a high of ,000; this could mean relief bounces for most altcoins. (Data from Binance)
Tezos (XTZ) Price Analysis On The Weekly Chart.
Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the Tezos network, XTZ has attracted the attention of traders and investors with its unique use case as many look for opportunities to buy.
The bear market has had a fair share of the price of XTZ, as the price of XTZ dropped from a high of to a weekly low of .2, where the price was able to form good support to hold sell-offs due to panic.
The price of XTZ, after forming good support, price rallied to a high of , and the price was rejected to .4 despite showing great strength to break and close above this resistance. The rejection of XTZ from this region has led to the price range to build more buyers other than a break out of this range.
Weekly resistance for the price of XTZ – .
Weekly support for the price of XTZ – .2.
Price Analysis Of XTZ On The Daily (1D) Chart
Daily XTZ Price Chart | Source: XTZUSDT On Tradingview.com
On the daily timeframe, the price of XTZ remains below its key resistance level of ; despite bouncing off its daily low, the price of XTZ faces a test to break above .
In an attempt to break out above , the price of XTZ has been thrown into a downtrend range movement, forming a descending triangle as the price attempts to break out with good volume.
If the price of XTZ breaks and holds above .52, we could see a good volume rally to as high as , but if the price of XTZ fails to breakout, the price could be rejected back into its .2-range.
Daily resistance for the XTZ price – .52.
Daily support for the XTZ price – .2.
Featured Image From zipmex, Charts From Tradingview
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Tezos (XTZ) Nurses From Bad Fall In Last 7 Days After Binance Asset Freeze
Recent developments suggest that Tezos and its native coin, XTZ, may have placed itself in a precarious scenario.
- XTZ price reveals a bullish trend
- Key resistance spotted at .48
- Tezos price support present at .44
On August 25, a group of network contributors under the name Baking Bad claimed that the cryptocurrency exchange Binance had wrongfully frozen over million in assets.
Meanwhile, authors further urged the Tezos community to stop supporting the Changpeng Zhao (CZ)-led group by withdrawing their funds from the exchange.
While the cryptocurrency exchange promptly refuted the accusations, the price of XTZ began to look for crude oil on the charts.
The Proof-of-Stake (PoS) backed coin’s price was .48 at the time of publication. Data from CoinMarketCap showed that the price had dropped by 10.10% over the previous day.
XTZ’s dip was the largest in the previous seven days, notwithstanding the fact that the bulk of the market’s cryptos were in the red.
Tezos (XTZ) Price In A Breakout Zone
According to CoinMarketCap, XTZ price has plunged by 0.44% or trading at .46 as of this writing.
We can see that the price of Tezos is currently in a breakout zone between .48 and .44 on the 1-day price analysis chart.
The next action could be influenced by a move made in either direction. For the past 24 hours, the bulls have been in charge as they drive the price of Tezos up to .47.
Chart: TradingView.com
The upper limit of the Bollinger’s band, at .48, is the level of greatest resistance for the bulls, while the lower limit, at .42, is the level of immediate support.
Since the MACD line is above the signal line, the MACD indicator continues to reflect bullish momentum.
More so, the RSI indicator is currently rising moderately and is at 65. This suggests that in the near term, the bulls have the momentum to drive prices skyward. The bullish momentum, however, would show signs of shakiness if the RSI slipped below 60.
Binance Moves In Line With Court Directives
Binance stated in response to the Baking Bad accusation that their choice was not arbitrary and that the exchange was not to blame. The exchange further claimed that it proceeded in accordance with court directives.
Before charging the Baking Bad crew with making a snap judgment, Binance also pointed out that they had rejected working together.
So where does XTZ stand after this back-and-forth discussion? According to data from the XTZ/USDT four-hour chart, the incident appears to have badly affected XTZ.
Binance and Baking Bad, however, have both been responding to themselves in accordance with the confiscation. The exchange acknowledged that there was little they could do to stop the assets from being frozen, despite the XTZ donors’ claims that they complied with Binance’s request.
The future course of the issue was not intuitively clear. Additionally, XTZ was not exhibiting any signals of enthusiasm.
XTZ total market cap at .7 billion on the daily chart | Source: TradingView.com
Featured image from Zipmex, chart from TradingView.com
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Tezos (XTZ) Price Movement Indicates Looming Price Drop
Tezos seems to be heading south. As of this writing, XTZ trades at .61 following a 3.10% boost in price seen overnight.
XTZ’s relative strength index and volume have declined and isn’t showing any signs of bullish movement.
As of press time, XTZ movement ceases to be dubbed as an impulse wave. This means that Tezos is now moving towards a back slide.
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Tezos Hints At Bearish Movement
The bearish streak has been obvious in Tezos price last week with early signs that the coin’s price will have the tendency to break through the ascending trendline.
Tezos breaches the support line on July 26. Currently, the price reveals an intra-hour upturn following increased trading activity. XTZ volume is still relative low plus the RSI isn’t giving away any bullish hints.
Meanwhile, the bearish thesis will only be dismissed once XTZ price breaches the above .61. So, if the bulls’ impetus forcibly pushes the Tezos price over this zone, then that’s the only time the price can shoot to a high of .65; which is roughly a 7% jump from its current price.
To date, XTZ is trading around .60 following a 3.10% pump in price seen overnight. Even though XTZ price has soared today, Tezos has still declined by 10.75% in the past few days.
Current CoinMarketCap data reveals that XTZ remains to be the 37th largest cryptocurrency in terms of market capitalization or just ahead of HBAR that happens to be in the 38th place and behind SAND, currently in the 36th place.
More so, the 24-hour trading volume outlook for XTZ still shows a drop of 30.94% or ,498,623.
XTZ total market cap at .47 billion on the daily chart | Source: TradingView.com
XTZ Price Bound For A Major Retreat
XTZ Price is bound for a shrill drop targeting .19. A sharp correction is on the horizon. Tezos has been very consistent with showing its bearish junction since the last trading week of this month.
XTZ has failed to hold it at the .62 due to very low buying pressure. So, if the coin price closes below .50, it will target .55 next.
XTZ price is seen to frame itself into a Flag and Pole pattern which is inherently bearish. The coins is seen to be fortifying close towards the $.70 resistance level.
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Moreover, the XTZ price drifts under the 50-day EMA or Exponential Moving Average at .67. Additionally, the drop in volume as the price pumps up serves as a warning for the bulls. It has been tested time and again that the formation of Flag and Pole pattern usually hints a sharp drop.
On the hourly charts, XTZ price has found a support close to .56. It formed the Bat pattern which is bullish and points to a short-term inversion apparent on the higher side. With that being said, the anticipated upside target will be at .65 and then .70 next.
On the flip side, a slight shift in the bearish movement would mean the target will be at .55.
Featured image from Unsplash, chart from TradingView.com
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Tezos (XTZ) Nears 3-Week High – Can Bulls Barrel Towards $1.80?
After a sharp decline in the second week of June, the price of Tezos (XTZ) rebounded from its .2 low. Tuesday, despite a highly volatile market, the altcoin price reached a new all-time high, rising slowly but steadily.
XTZ was a prominent performer to usher in the week, as prices surged to a three-week high. Following Monday’s session low of .50, XTZ climbed to an intraday high of .60 yesterday.
As of the time of writing, XTZ was trading at .54, an increase of 6.0 percent over the previous week. This increase in price caused the token to collide with a significant resistance level at .67, and gains have subsequently retreated.
Suggested Reading | Crypto Community Remains Upbeat On XRP, Despite Bearish Market Conditions
Tezos (XTZ) On Steady Upswing
Moreover, the continuing surge was maintained when the price of XTZ gained a steady footing at .32. The upswing pushed the altcoin 27 percent higher as it breached the previous swing resistance at .65.
A continuous decline over the past eight months pushed XTZ to a January-March 2020 support level of .2, representing a loss of 85 percent. However, on June 19, the altcoin soon rebounded.
The positive turnaround pushed the XTZ price 33 percent higher to .62, where it encountered strong resistance. Nonetheless, over the previous four days, the price rejection at the indicated level has increased, indicating that sellers are defending this level.
XTZ Outperforms The Major Cryptos
The cryptocurrency market continued to decline on Monday, following a weekend of losses. According to TradingView.com, the worldwide cryptocurrency market cap is 4 billion, a decline of 2.1% from the previous day.
Bitcoin, the most valuable cryptocurrency by market capitalization, fell for a third day, falling below ,000 to ,910 after registering its largest weekly increase since March. Ether, the second-largest cryptocurrency by market capitalization, is currently trading at ,078 and is down nearly 2% for the day.
XTZ total market cap at .39 billion on the daily chart | Source: TradingView.com
Despite an 80 percent drop from its all-time high of .18 in October of last year, XTZ has been on an upward trend since last Friday.
On Thursday, Tezos unveiled a developer portal to aid in the creation of decentralized applications on its blockchain.
Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?
Generally, the XTZ price continues to exhibit indications of vitality, with bulls aiming to break out of the bottom and advance to .80. If successful, the break would result in the highest trading level for XTZ since last month.
In the meantime, traders await the release of the U.S. Consumer Price Index on Wednesday, which in previous months has shown rising inflation. In May, the CPI climbed 8.6 percent, the biggest yearly rate in four decades.
Featured image from Klever News, chart from TradingView.com
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With Liquid Proof-Of-Stake, Tezos Hits The Winning Formula For DeFi Growth
Ethereum might still be the number one blockchain for smart contracts, but dozens of competing networks have been gaining ground. Lots of these alternative chains have been quite vocal about their status as an “Ethereum killer”, while others have stayed quiet, keeping their heads down and focusing on growth rather than media attention.
One of the quiet ones to watch may well be Tezos, an open-source and eco-friendly blockchain that first went online four years ago and has, until recently, managed to stay under the radar. But it has been working hard for these last four years, building out and developing its software, quietly attracting partners and expanding its user base with a sharp focus on DeFi, green NFTs, GameFi and the metaverse.
That hard work has paid off. In the last year Tezos has emerged as one of the darlings of the DeFi space. Back in the summer of 2020 Tezos was pretty much invisible, with less than million in total value locked across all of its DeFi projects. Since then, its popularity has exploded, reaching an all-time high of just over 7 million in TVL in October 2021, with more than 100 dApps running on its blockchain.
Tezos can put much of its success down to the unique consensus mechanism it employs, which is not only vastly different to the Proof-of-Work (PoW) algorithm that underpins Bitcoin but also unique compared to most other chains that are based on the alternative Proof-of-Stake mechanism.
Tezos relies on what’s called a Liquid Proof-of-Stake (LPoS) consensus mechanism that not only solves the problem of high energy consumption that afflicts Bitcoin and its PoW algorithm but is also superior to standard PoS systems in many ways.
What is PoS?
The PoS mechanism was first detailed in a paper by the researcher Sunny King back in 2012, when the energy problems of Bitcoin’s PoW first became apparent. Rather than using high-powered computer hardware to solve mathematical problems, PoS incentivizes token holders to stake their cryptocurrency to try and validate blocks using a semi-random process. With PoS, the network essentially votes on which validators will add the next block and receive rewards for doing so.
PoS has some big advantages over PoW. The first and most important is that it’s less computationally intensive, translating to lower energy costs and a cleaner environment. The second is that it’s more decentralized. PoW networks incentivize miners to invest in expensive computing hardware, because the more powerful their operation is, the more Bitcoins they can mint. Of course, that creates a big barrier to entry, leading to mining power being concentrated in just a few hands. On the other hand, PoS doesn’t incentivize validators to pool their resources, meaning there are more of them.
These days a whole bunch of variations of the PoS mechanism have emerged, but the most widespread model is the Delegated Proof-of-Stake (DPoS) that’s employed by Cardano, Lisk, Ark, Tron, Steem and EOS, to name a few examples.
Delegated Proof-of-Stake
In a DPoS architecture, anyone in the network has the Right to Vote on the production of new blocks on the blockchain, but there is a fixed number of delegates. The network users determine which of those delegates will validate the next block using a democratic voting process, where users’ votes are weighted according to the number of tokens staked in crypto wallets. This process of voting for delegates is ongoing, and the network has the power to replace an ineffective or inactive delegate with a new validator if required.
This forces delegates to behave themselves because if they don’t have the backing of network stakeholders they won’t be chosen and won’t earn any rewards. The approved delegates on a network will split the production rights for new blocks among themselves evenly. Stakeholders receive a portion of the delegate’s block production earnings, in return for backing them, in proportion to the amount of tokens they staked.
Proponents of DPoS say this stake-weighted voting process ensures the network remains democratic. In addition, there’s a fairly low threshold to participate in the staking process. Another advantage of DPoS is that it can quickly achieve a consensus, meaning blocks are processed faster and more transactions can be performed per second. Even so, no system is perfect and DPoS has a number of design flaws.
One of the biggest concerns with DPoS is that it’s easy to organize an attack against the network. Because the number of delegates is limited, there is an inherent risk of the network falling victim to a 51% attack, which could occur if delegates team up to form cartels. That not only makes the network less decentralized but also less secure. Another key problem is referred to as “the rich get richer”, and has to do with the fact that voters’ strength is related to how many tokens they hold. The danger is that those who own lots of tokens – so-called “whales” – will have too great an influence over the network.
DPoS can also be at risk of user apathy. Unless a large number of users stay engaged with the network, the system will not work as it was intended.
Liquid Proof of Stake
Recognizing the issues with DPoS, Tezos set about perfecting the system and came up with a newer model, LPoS. The biggest difference between LPoS and DPoS is that delegation is entirely optional for network users. Every token holder can delegate voting rights to validators, who are known as “bakers”, with no token lock-up period. In addition, token holders get to maintain custody of their $XTZ tokens when voting for a baker, providing another incentive for them to do so.
A second big difference with Tezos’ LPoS is that it has a dynamic number of validator nodes, as opposed to the fixed number in DPoS systems. In fact, Tezos can support up to 80,000 validators compared to the 20 to 40 that most other DPoS networks allow.
What this means is that LPoS gives users a lot of flexibility with regard to how they participate in the network. Individuals who hold a large number of tokens can easily become block validators by staking their own tokens with no need for anyone’s approval. Meanwhile, those with a smaller amount of $XTZ can still take part by supporting a larger token holder, or by forming coalitions with others in their position.
Why Tezos Is Winning
Proponents of Tezos argue that its LPoS system creates a more representative democracy, as it’s possible for users to change their vote and support a different validator at any time. In other words, everyone in the Tezos community gets to have their say in how the network operates. If, for example, someone has made a proposal to change the network in some way, each user in favor can choose to back a baker that supports the upgrade, while those not in favor can choose to support a baker that’s voting against the change. In contrast, a voter in a DPoS network would be required to lock up their funds for a minimum of 72 hours.
Tezos has a lower barrier of entry for users too. Because LPoS doesn’t require massive amounts of computer hardware, users can create a new node without any significant investment. To set up a node on Tron, the hardware costs have been estimated at around ,000. A second option would be to shell out around ,800 per month to rent the necessary hardware on Amazon Web Services. For Tezos though, all that’s required is a modern laptop and whatever the electricity costs of running that machine are. Because anyone can join in, Tezos has a far more decentralized network than its competitors.
One final benefit of Tezos is its low fees, as opposed to having no fees. While the idea of not paying any fees sounds nice, it’s bad for security. A famous example of this was EOS, which in 2019 fell victim to a distributed denial-of service attack, wherein multiple users were duped into making useless transactions. The attackers did this to sabotage the network, increasing congestion and causing the price of CPU time on the network to increase by more than 100,000% over the four-hour period the attack lasted.
Tezos implements a low fee structure that’s designed to avoid these kinds of incidents. Typical transaction costs on Tezos are around .0004 – low enough not to bother users, but also expensive enough to make launching DDoS attacks uneconomical.
Judging by Tezos’ rising adoption over the last couple of years, it’s clear that its unique network architecture has struck a chord with the crypto community. Tezos has gotten the blend just right, fusing a democratic governance model with strong security, easy accessibility and low fees, making it the ideal blockchain for a growing number of decentralized apps that value the same characteristics.
Tezos Price Prediction: XTZ Up Nearly 80% From January Lows
Tezos (XTX) has had a tough few months, but things are looking up for this blockchain cat patent-pending coin. Unfortunately, after slumping to an all-time low at the start of January and then climbing back up over 80% by early February – it seems like there’s not much more room left in its recovery.
The Tezos (XTZ) recovery has been nothing short of impeccable. The coin has come from six-month lows to report gains of over 80%. Moreover, it’s’s gone up almost threefold in just the last few weeks. At one point, XTZ was even testing .
Related Reading | Fear Returns With A Vengeance Following 0B Crypto Market Crash
While many coins feel the pressure due to increased tensions between Europe and America, Tezos has taken a significant hit. The coin has been down nearly 26% in the last 11 days and stands below key support at .2 and could potentially test further down towards medium-term supports at lower levels or even next weeks’ lows near 2 USD per XTZ.
In response to politics changing rapidly across both regions of our world, investors may be giving pause before adding new currency onto their portfolios–especially ones that were once considered safe-haven assets like gold or dollars.
Tezos price reached its support value of .2 today | Source: XTZ/USD Chart on Tradingview.com
The crypto markets are still choppy waters, and there’s no telling what might happen next. That said, we do need to watch out for XTZ because if buyers didn’t push the price above .2, that would mean more selling pressure on weak coins, which could lead them down even further than before.
About XTZ
Tezos (XTZ) is the most promising smart contracts platform in existence right now. The design of Tezos promises to offer better operations than Ethereum. Moreover, increased investor interest and a high rating from market experts make it worth keeping an eye on.
Related Reading | Ethereum Price Falls Amid Global Tensions
The XTZ has been a top performer in the cryptocurrency market, registering an impressive gain this year. It is indeed one of those cryptocurrencies you should consider adding to your portfolio. Especially when considering its current market value, which rests at 2.6 billion dollars.
Future Of Tezos (XTZ)
There is no way to know what the future will bring, but analysts and traders use algorithms for short-term investments like predictions about cryptocurrency prices or long-term forecasts. For example, we can predict whether a specific token like Tezos seems promising by looking at these mathematical models. The Modules calculate how profitable it would be if I put all my money into this particular project now vs. waiting until later when its price may go up even more than expected.
The price of Tezos has truly somersaulted in a year that saw its XTZ trend transform from the beginning towards the end. The coin’s history is quite impressive. There are many opportunities for growth around alliances with all said and done. New partnerships would bring this crypto to life as it becomes a center stage on earth where investors can see their investments thriving.
Featured image from Flickr, the chart from TradingView.com