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Tezos (XTZ) price has joined the rest of cryptocurrencies in a bull run. The token surged to a high of $1.52 this week, its highest point since September 25th 2022. It has jumped by more than 130% from its lowest point in 2023.
Crypto bull run continues
Tezos price has jumped as investors react to the ongoing momentum in the crypto industry. The fear and greed index has moved to the extreme greed zone of 88 as cryptocurrencies have surged.
In most periods, cryptocurrencies tend to do well when there is greed in the market. This greed happened after Bitcoin surged to a record high of over $69,000. Other altcoins like Fetch AI and SingularityNET have also hit their all-time high.
The ongoing surge of Tezos surge is happening after a series of important news in the ecosystem. One of the recent news was the launch of Cricket Stars, a new cricket NFT mobile game on Tezos. It now has over 5,000 users and analysts expect it will continue growing. Cricket Stars is powered by Tezos.
Tezos also made a huge investment in Baanx, a crypto payment company. It participated in a $20 million fundraising.
Still, fundamentally, the biggest challenge for Tezos is that it has struggled to grow its market share across all sectors. Data compiled by DeFi Llama shows that it has a Total Value Locked (TVL) of just $85 million.
The platform tracks only 15 DeFi applications, with Youves, KordFi, and Kolibri are the biggest players in the ecosystem. Plenty, its biggest DEX in the ecosystem, has a TVL of over $3.5 million. It handles an insignificant amount of volume per day since it is not in the list tracked by CoinMarketCap.
Tezos has also invested heavily in the Non-Fungible Token (NFT) industry but its market share remains weak. Data by CryptoSlam shows that the sales volume on Tezos dropped by 29% in the past 30 days to $685k.
Tezos price prediction
XTZ chart by TradingView
The daily chart shows that the XTZ price has been in a strong uptrend in the past few weeks. It has rallied from last year’s low of $0.624 to over $1.50. The coin has also jumped above the key resistance point at $1.246, its highest point on January 15th.
It has soared above the 50-day moving average while the Percentage Price Oscillator (PPO) has spiked to almost 8. The token has retested the important level, which was its highest point on February 23rd.
Therefore, the outlook for the Tezos price is bullish, with the next target to watch being at $2, which is about 38% above the current level.
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