Tezos Coin (XTZ) Expressing Bullish Behavior; Can It Rise More?

Tezos is a cryptocurrency and it has a more refined and advanced infrastructure that can change and improve over time without the threat of a hard fork. XTZ holders can vote on upgrade proposals that are submitted by Tezos developers.

This open-source platform claims to be “secure, upgradable and built to last” — and says its smart contract language ensures the precision that is needed for high-value use cases. 

Tezos says that its method is future-proof and will stay cutting-edge for a long time, meaning it can adopt innovations in blockchain technology.

While staking is usual across blockchains, Tezos has a unique spin on this process. Participants can join the network’s governance through “baking,” where they stake 8,000 XTZ. It creates a financial motive to act honestly.

Bakers are then responsible for voting on proposed amendments to the blockchain’s code in a four-step process that takes about 23 days. Proposals that get support from the overwhelming majority of participants are tested on a testnet for 48 hours and are fully applied if they are endorsed by a super-majority.

Tezos is also distinctive because of how it has begun to be used by prominent businesses. In September 2020, it was announced that the French banking giant Societe Generale intended to use this blockchain for experimenting with a central bank digital currency.

Large cryptocurrency exchanges, such as Binance and Coinbase have also revealed support for Tezos staking. It means users can get rewards based on the XTZ that they hold. It is not a feature that’s seen too often across digital assets.

Can the Tezos Coin Price SkyRocket From Current Base

The Tezos crypto asset (XTZ) is bearish and has demonstrated poor performance in the past year. Its price has fallen in a parallel channel.

On the flip side, the XTZ asset is expressing bullish behavior and has the opportunity to increase further. It has attained good performance in the last week, three months, and six months, by 1.33%, 40.49%, and 25.61%, implying a stable upward direction.

The XTZ coin has experienced a decline of 3.06% in the last 24 hours, trading at $0.9024.

Now, it seems like the XTZ crypto is ready for a sensational surge, as it could unleash the potential of its savoring to topple the resistance level and soar to new zeniths from the current base zone.

However, if the demand for the XTZ Token remains high, the asset price could bounce back from the current level. The next goal for the XTZ price is to reach $1.00.

The Tezos token is exhibiting bullish strength and rising capacity as it holds above major EMAs. However, if the token price fails to stay above the $0.8000 level, it could decline further.

Summary

The XTZ coin is expressing bullish behavior and has the opportunity to surge further. It has shown good performance in the last week, three months, and six months, by 1.33%, 40.49%, and 25.61% respectively. It implies a stable upward direction

Now, it seems like the XTZ crypto is ready for a sensational surge, as it could unleash the potential of its savoring to topple the resistance level and soar to new zeniths from the current base zone.

Technical Levels

Support Levels: $0.8000

Resistance Levels: $1.00

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.