thecoinrepublic.com
- 1 Tezos aims to have a scalable energy-efficient algorithm.
- 2 The XTZ coin price has reached $1 after breaking a major resistance.
- 3 The bullish investors are preparing for an uptrend, see more in the article below.
Tezos is an open-source blockchain network for D-apps and smart contracts. Its community includes researchers, developers, and validators expanding the ecosystem.
However, Tezos faced management complications when its ICO success was short-lived due to a public feud between Johann Gevers, the former President of Tezos Foundation, and the Breitmans. It resulted in Gevers refusing to disburse funds to the Tezos ecosystem, causing investors to lose faith in the project and XTZ’s value to temporarily drop.
How Tezos is using an energy-efficient algorithm
The road to stardom for Tezos was not an easy one, given the challenges, the coin has fast gained ground. Moreover, the network also boasts an energy-efficient algorithm, which is also scalable. The native asset of the Tezos network “XTZ”, has been under due consideration by investors and traders. XTZ has already been listed including over the top ten crypto exchanges in just two years of its inception.
Tezos uses a Liquid PoS consensus mechanism, which is unique to the platform and has proven successful. This mechanism has a stake rate of approximately 80%, which is spread across 450 validators and 13,000 delegators.
This makes Tezos one of the most decentralized blockchains in the industry, and the number of delegators allowed depends on the bond size minimum requirement, currently allowing up to around 70,000 delegators.
Technical Analysis & Prediction of XTZ Coin Price
The XTZ coin price stayed below $0.763 for a while, after which the bulls gained momentum and jumped about 29% before facing rejection at $1.00. Following this, the price lost momentum and went on to take support from the level of $0.861.
After that, the price recorded constant price volatility and bounced between the same range. The price recently faced rejection at $1.0480, but the bulls held the price strong above the support level of $0.861. It suggests an increased strength of bulls in the XTZ coin space.
If the bulls gain power, the coin will experience a bullish movement in its price. Further, if the market holds its price above the level of $1, then XTZ price will prepare itself to test the resistance level of 1.263 soon.
On the contrary, if the bears overpower the bulls and the price breaks down from the range, the coin will experience a dip in its value. The coin will then prepare itself to test the immediate support level this week.
Conclusion
Tezos is a blockchain network for D-apps and smart contracts. It uses a Liquid PoS consensus mechanism. If the market holds above $1, the XTZ price may test the resistance level of 1.263 soon.
Technical Levels
- Support Levels: $0.860 and $0.7512
- Resistance Levels: $0.1.04 and $1.26
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.