Tezos price was about to increase by around 175% over the next month. On the other hand, nothing much has happened, as the crypto market continued to dip. This turned Tezos prices from a breakout to a fakeout. Today we are going to take a closer look at the Tezos price to assess whether the price will go up or down in the next few weeks/months. At first glance, we can see that the price will soon have to make a decision. Let’s analyze XTZ in this Tezos price prediction!
What is Tezos Crypto XTZ?
Tezos is a Blockchain network linked to Tez. Unlike Bitcoin, Tez holders usually receive the cryptocurrency as a reward for participating in the Blockchain’s proof-of-stake consensus. It prides itself as a flexible Blockchain network that utilizes a self-amending protocol. It also utilizes on-chain governance to control, manage, and implement future changes to its network. The Blockchain network is designed to make use of smart contracts. It also allows its holders to manipulate the rules of the network. However, the project has not been devoid of its ups and downs. It has overcome the storm and is now one of the top 50 cryptocurrencies globally.
What’s happening to Tezos Price Today?
Tezos price has formed a descending triangle in the past. The downtrend started with the crypto market back in November 2021. Despite everything, XTZ price is in a critical area today. The price was able to test the trend line a short time ago and was sold off immediately afterwards, turning into a fakeout. We anticipate a further descent to the $2.51 support. After that, the price would have to decide. Price either breaks the falling trendline and reverts upwards, or breaks the support and starts a downtrend. This of course depends on the overall crypto market’s trend.
Tezos Price Prediction – Where should XTZ price reach?
The Tezos price has formed an ascending channel over the past few months, which is why we expect the price to rise in the long term. The medium-term targets are $4.88 and $8.45, so we expect the price to see a bullish breakout of the descending triangle soon. The end target of the next up move would be around $10. There is a psychological level and the upper edge of the trend channel.
