Will Tezos (XTZ) Hit $2 This Week?

• Recently Tezos teamed up with Google Cloud for web3 development.
• Tezos (XTZ) price surged about 3% in the last 24 hours.

Aside from Stablecoins, Bitcoin (BTC), and Ethereum (ETH), other cryptocurrencies are also performing well in the market. Also, crypto investors are already paying attention to alternative currencies, some of which have the possibility of being the next big thing in the crypto industry.

Top amongst these cryptocurrencies, Tezos (XTZ) in the list. A Proof-of-Stake (PoS) blockchain region called “Tezos” is built to expand over time without anticipating a sharp split. Additionally, it was a test that was headed upward in the previous month. 

Since its launch in 2018, Tezos, a blockchain platform that utilizes “smart contracts,” has made waves in the cryptocurrency community. But the prolonged bear market has posed a challenge for XTZ as well as all the other cryptos. Also, competition in the market surged due to the new crypto tokens arrivals. However, now investors’ attention has slightly turned toward Tezos native token, XTZ, with a price increase.

Tezos Current Performance

Today, Tezos market performance seems positive, with a price surge of more than 3% in the last 24 hours, from $0.8823 to $0.9088. But since hitting its all-time high in October 2021, the token has fallen by roughly 77% due to the uncertainty that macroeconomic factors have created in the cryptocurrency and broader markets. 

It is challenging to predict with certainty whether Tezos will increase after experiencing a period of sharp rises and falls. Still, investors are in a dilemma regarding the market performance of XTZ.

At the time of writing, Tezos/XTZ traded at $0.9025 with a 24-hour trading volume of $13 million, which rose about 5%. When looking at Tezos simple moving average is below 50, which indicates a bearish pattern for XTZ.

However, experts in cryptocurrency believe Tezos could outperform its rival tokens by providing a greater return. Also, after the first quarter of 2023, speculation is circulating about whether this year will be different for XTZ. 

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