The XTZ token recently saw a 10% uprise. Adding that with the rising news around Tezos, analysts hint that the token might be indicating a bullish trend.
The crypto market has been showing a bearish trend for a few months now, and Tezos too has been following the same pattern. However, the market is showing some signs of stability and this might be just the time for XTZ to border its previous all-time highs.
Follow along as we get to know more about Tezos and the price predictions around XTZ- yearly expected targets starting 2022.
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What is Tezos?
Tezos is a blockchain ecosystem that allows developers to build decentralized applications and create smart contracts onto the network. It’s referred to as a second-generation blockchain and was launched in the year 2018.
The network is a self-amending ledger backed by validators from around the world. This is why any decisions relating to the blockchain, including protocol changes, are done through a voting mechanism. The investors arrive at a consensus and approved changes are implemented automatically. This mechanism makes the Tezos blockchain stand out from the rest.
Precisely why the platform has been able to maintain stability. By following a Proof of Stake consensus mechanism, the platform allows bakers to stake their crypto in exchange for rewards and the overall transaction fees are comparatively lesser when compared to other blockchains. And unlike Ethereum, where you need to have a certain amount of ETH to stake, with XTZ, smaller token holders can also participate in staking and earn rewards.
Some of the Features and Use-cases of Tezos
The project made its way into the market with a big ICO, wherein they raised $232 million worth of BTC and ETH. They currently operate from Luxembourg where their headquarter is located.
Initially, the Tezos coin was supposed to be launched in 2017, but due to some legal security issues, the launch had to be postponed. These issues, encountered in the U.S, took some time to settle before the official launch could be made possible.
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How the Price of Tezos Coin Fluctuated in the Past
The XTZ token made its debut in 2018 when the coin traded at about $2 in the month of July. Considering all the fundamentals, this was a fairly good price for the coin in its initial days. The price continued to fluctuate for a while and reached a low of $0.4 by the end of the year. This was when the crypto market was on the verge of witnessing a massive boom.
In less than 6 months, the coin was able to reach a level close to its previous year’s high. Trading at $1.83 in May 2019. And as the wind settled, the price found a relatively stable spot at $0.8 close to the year-end.
The following year, 2020, also noted a similar pattern in the price movement where the price crossed the $3 mark for the first time. Only to soon take a 50% dip and settle at its previous all-time high. So far the coin showed a repetitive pattern of rising and fall that wasn’t as radically volatile when compared to other currencies. And a similar pattern can be observed for the coin moving forward.
Through a couple more crests and troughs, the XTZ token managed to record its all-time high so far, standing at an impressive $9.18. However, it has recently taken a dip, following the trend of the overall crypto market, and currently trading at $2.02.
The circulating supply at the time of writing is 897,357,528 and the market cap is recorded to be $1,814,167,574. And although the price is witnessing a downtrend, the trading activity has been very enthusiastic. As of Wednesday, the average volume traded appears to be $200 Million.
Tezos Price Prediction – Where does Tezos go From Here?
So far the price pattern XTZ has maintained has been pretty consistent. On more than several occasions, the price has witnessed a dip followed by a surge. If we are to draw a conclusion from this behaviour, we can make the prediction that, in its current form, XTZ is about to make a bullish run.
Currently, the token is trading at $2.02, after showing an upside of 10% recently. And although the price has been experiencing a downtrend, if the upside continues, the price can be expected to surpass the $4 level. This is a 100% increase from the current price and a very realistic target considering the coin’s past performance.
On continuation of the bullish trend, XTZ can overtake the $5.21 resistance level and potentially even break the $8.75 resistance 4 level. However, that’s only an optimistic prediction. On a bearish signal, the price can easily go below $2 levels, challenging its previous lows this year.
On a longer horizon, however, the price looks much more optimistic. One can expect the price to reach the $25 level by the end of next year. Assuming the coin continues to maintain a bullish trajectory.
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Although most predictions are made based on the price history of a coin, it’s not always as accurate. There’s always a level of uncertainty involved, that can push the price in a direction opposite to the estimates. This is exactly why predictions over a longer period tend to be vague and optimistic. The same is the case with Tezos.
Most analysts have predicted XTZ to reach a price of $50 by the year 2024, and a price of $70 by the year following that. There are also a few predictions expecting the price to reach $100 by the end of 2026. But for the most part, these are extensions of the current price performance and this is why shouldn’t be taken at face value. One must conduct their own research and decide to invest accordingly.
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Source: https://insidebitcoins.com/news/tezos-price-prediction-10-price-hike-signals-more