The altcoins in the crypto market are displaying better performance than major coins like Bitcoin and Ethereum. This article is all about Tezos price prediction and it seems that XTZ price could rise in the next few days. Let’s take a look at it in more detail.
What is Tezos Crypto XTZ?
Tezos is a Blockchain network connected to Tez. Unlike Bitcoin, Tez users normally obtain the cryptocurrency as a prize for partaking in the Blockchain’s proof-of-stake consensus. It professes itself as a pliable Blockchain network that employs a self-amending protocol. It also employs on-chain governance to maintain, control, and execute future modifications to its network. The Blockchain network is created to make use of smart contracts. It also permits its holders to influence the regulations of the network. Yet, the project has not been barren of its ups and downs. It has crushed the hurricane and is now one of the top 50 cryptocurrencies.
Tezos Price Prediction: What’s happening to Tezos Price?
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At the time of writing this, the XTZ price is trading at $1.55. In the last seven days, the price has decreased by almost -6%. The important thing to note here is that in the last 24 hours the price has increased by almost +3.9%.
XTZ/USD Weekly chart – GoCharting
Tezos price had created a descending triangle in the past. The downtrend began with the crypto market back in November 2021. Despite everything, XTZ’s price is in a crucial area today. Tezos price weekly chart demonstrates a bearish trend as the coin has been squeezing below the $2 level over the past few days as the entire market is displaying a bearish trend. As per our analysis, the support for XTZ prices could be present at around the $1.47 level, but there is noteworthy resistance at roughly the $1.57 level.
Tezos Price Prediction: Where should XTZ price reach?
XTZ/USD Daily chart – GoCharting
The Tezos price has created an ascending medium over the past few months, which is why we predict the price to grow in the long term. The medium-term targets are $4.80 and $8.42, so we anticipate the price to witness a bullish breakout soon. The end target of the next up move would be approximately $10. There is a psychological grade and the upper advantage of the trend channel.
The XTZ/USD is presently trading under the Moving average indicator which is a bearish indication. The MACD indicator is presently in the bearish region which signals that the bearish momentum presently exists in the market. The RSI indicator on a weekly price chart is presently below the 50 level, which suggests that the market is presently in neutral territory.
Tezos price study indicates a bearish, and an additional drop is anticipated in the market. The bulls had tried to move prices higher but failed as the market discovered support at the $1.47 level. Prices are presently encountering resistance at the $1.57 level, and if prices can crack above this level, it would be a bullish indication for the market. Yet, if prices fail to split out of the descending channel design, it would be a bearish signal as prices could drop back to the $1.47 level.