- Tezos has introduced sliced.art as its first fractional NFT market place which will increase the liquidity in NFT space
- Technical indicators of XTZ are favoring a consolidated trend. Meanwhile, XTZ/BTC pair has seen a gain of over 1.5%
Tezos is a blockchain network which is based on the smart contracts that is not to dissimilar as Ethereum. Tezos aims to offer an advance infrastructure which can evolve over time without the need of hard fork. Tezos blockchain has been in the eye of investors for a quite long time. Tezos has recently announced sliced.art which will be there first fractional NFT market place. They have said that factional NFTs will allow smaller investors to buy into the market and liquidity can be added with more NFT purchase options for a wider audience. Meanwhile XTZ cofounder has recently commented that the collapse of FTX is a golden opportunity for the developers.
XTZ coin is currently ranked 48th in the cryptoverse and has a market cap of $745,183,276. Volume of the XTZ has seen an increase of over 13%. It is currently down by 91% from its all time high.
Is XTZ Crypto Price Ready For A Rally?
Tezos has been in a downside momentum for quite some time. It has seen a strong fall from its all time high. The weekly technical chart of XTZ suggests a consolidated trend in price. On coming to the daily chart it has seen a fall of more than 1% and is trading near $0.8. The upside momentum of XTZ price can see a halt near $1.5. Meanwhile a bounceback can be seen near $0.5. It is trading below the 50 and 100 Daily Moving Averages. Various analysts are predicting a rise in Tezos price in 2023.
Conclusion
XTZ has been severely affected by the downside of crypto market. It is currently in a consolidated mode and can see a new high in the future.
Technical Levels
Major Resistance:$1.5
Major Support:$0..5
Source: https://www.thecoinrepublic.com/2022/12/23/tezos-price-analysis-is-xtz-price-on-its-way-for-2-mark-in-2023/