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Tezos price held quite well on Wednesday as cryptocurrencies moved sideways. The XTZ token rose to a high of $1.10, its highest point since April 19th. It has jumped by more than 78% from the lowest point in 2023, giving it a market cap of over $1 billion.
Tezos growth slows
Tezos is a leading blockchain network that is well-known for its substantial partnerships. The company has partnerships with Manchester United, McLaren, Misfits Gaming, and Ubisoft.
These are leading players in their respective industries. Manchester United is one of the top football teams in the English Premier League (EPL) while McLaren is a top team in Formula 1. Ubisoft is one of the top gaming companies globally, with titles like Assassins Creed, Avatar, and Prince of Persia.
There are still concerns about the impact of huge marketing budgets on companies in the crypto industry. For example, Crypto.com is probably the biggest advertiser yet its market share has narrowed. I recently wrote about Velas, a blockchain company that was Ferrari’s top advertiser in the 2022 season.
The most recent data shows that Tezos has not benefited substantially through these partnerships. Data in its website shows that the number of contracts in its ecosystem has gone sideways in the past few months.
It handled over 3.3 million transactions in December, up from 2.5 million in November. These transactions have oscillated between 3.9 million in February last year to 2.5 million in August.
Tezos transaction count
Tezos market share in the Non-Fungible Token (NFT) industry is also quite small. Data by CryptoSlam shows that the total NFT sales dropped by 8.14% in the past 30 days to $902k. It has less than 4,000 total sellers and buyers. In contrast, Bitcoin handled over $869 million in the same period.
Tezos’ market share in the Decentralized Finance (DeFi) industry is also quite small. The network has a total value locked (TVL) of just $65 million. Most of these assets are in Youves, Tezos Liquidity Baking, and KordFi.
Tezos price forecast
XTZ chart by TradingView
The daily chart shows that the XTZ token price has been in an upward trend in the past few months. This rally is not because of its internal growth. Instead, it is part of the ongoing altcoin season. It has remained above the 50-day and 100-day Exponential Moving Averages (EMA).
The Relative Strength Index (RSI) has continued rising while the MACD indicator moved above the neutral point. Therefore, technicals suggest that the coin will continue rising as buyers target the key resistance point at $1.47, the highest swing on February last year.
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