The ability of a blockchain to make changes and improvements to its network is the only thing standing between the long-term viability of its cryptocurrency’s real-world applications. No matter how valuable a cryptocurrency is, if it is unable to address modern-day challenges, it will be decimated by a competitor who can implement modern-day solutions.
Tezos has emerged as the most significant competitor to the Ethereum blockchain network in recent days. Because Tezos holders can vote on proposed protocol changes, they can be easily upgraded by the developer’s team. Such changes in the market leaders ETH and BTC can only lead to a hard fork.
Because it is open-source, XTZ is more secure and can be easily upgraded to meet the latest crypto challenges. Poor governance has been the cause of significant blockchain failures in recent years. To become an active member of the governance, a holder must have at least 8000 XTZ. Tezos is currently ranked 31st in terms of market capitalization. It is currently worth USD 5.2 billion, with each cryptocurrency worth roughly $6.2.
Price Analysis of TEZOS
The trend line is a positive element in the price action of Tezos cryptocurrency. Tezos has been moving positively since July 21, 2021, with strong support from technical indicators and by adhering to a strict trend line. Each time profit booking brought XTZ back to the trend line, we saw an explosion of buying in the following days, setting a new high.
The price range of $6.25 to $7.25 is a resistance zone, while the 100 DMA and trend line have turned into a buying zone. With all immediate resistance levels already breached, there is a strong sentiment riding the price action, demonstrating the XTZ coin’s ability to trade above its all-time high on a closing basis of $7.65. This level is currently 25% lower than the last traded value of $6.32.
On the indicator front, whether it’s volumes or resistances, everything points to a positive sentiment. RSI levels have risen from 45 to 55, indicating that buying is possible at trend line levels.
The 100 DMA curve is approximately $4.4, and the 200 DMA curve is approximately $3.9, with the curve pointing upwards, indicating that the supports are moving upwards. Such price movement reaffirms XTZ’s ability to set a new high in the near term.
With two days of buying, XTZ has finally entered the upper resistance zone. This zone has a maximum price of $7.25 and a minimum price of $6.05. XTZ can move closer to its previous immediate and decisive resistance levels if it trades above $6. While falling from this level would necessitate support in the $5 range. The RSI indicator is positive, and volumes are increasing.
Before taking any action, our XTZ price prediction suggests waiting for the $6.5 level to be breached. At lower levels, XTZ has a variety of supports.