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Tezos (XTZ) Is Getting Momentum for Bullish Run

www.cryptonewsz.com 09 December 2021 14:32, UTC
Reading time: ~2 m

Tezos is an eco-friendly cryptocurrency. Recently, three Swiss firms inCore Bank, Crypto Finance AG, Inacta announced using this network to develop digital products. They will use the platform to create smart contracts to increase the safety and security of financing. Besides that, Tezos network has completed the network upgrade. All this news helped this crypto to show a big gain in the last few months. 

Tezos is a programmable blockchain network with smart contract facilities. Arthur and Kathleen Breitman founded the cryptocurrency in 2014. It is described as ‘smart money.’ In August, it had a market capitalization of $4.8 Billion. It uses a more eco-friendly proof of stake model to develop new blocks. The platform is also used for non-fungicide tokens and gaming projects.

While analyzing, the XTZ price is around $5.79 and seems to take a bullish momentum. However, is it the right time to invest in Tezos? Explore further to know more about the future projections for Tezos. It has a support level of $4.65 and a resistance of $5.60. The candlesticks are forming in between this range. 

On the daily chart, the RSI is at 50, which is stable in the range of 40-60. Moreover, the MACD is bullish. After forming the big green candle on December 07, the last two candlesticks are forming in the upper half of the Bolling Band. The Moving Average is also showing bullishness.

After reaching an ATH of $9.1, it has been consolidating in the last two months. Considering the trading volume, technicals, and the past price data, it is anticipated that the price of Tezos will take a bull run after a few weeks. However, on the downside, if it corrects, it may break the support travel of $4. If it does not take a bullish turn, it may even come to the level of $2.3, which can be a great loss for investors. 

It is not the ideal time to invest in this coin. You can wait for a few weeks to track the price changes. However, if you are really interested and understand the potentiality of this network, then you can invest in it for the long term. It does not have a significant market cap. Let’s wait for a couple of more weeks before investing in this coin. In the meanwhile, the price can change very quickly, so keep a close look at the price chart as well.

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