Is Tezos (XTZ) A Good Buy for the Long Term?

Tezos is a smart contract decentralized platform that aims to establish a digital society and contribute to the evolution of blockchain technology. It is pretty similar to Ethereum but not a hard fork network.

Tezos was launched in 2017 and got an inflow of $230 million with its ICO campaign. After that, an internal dispute between its creators was raised, followed by lawsuits. As a result, Tezos became a tradeable token after solving these disputes.

After July 2018, it settled down all the bad news and events in the market and answered all the technical promises given during ICO.

XTZ is not mineable; thus, the coin holders can delegate PoS indirectly. It has different concepts of mining, such as Proof of Burn, Slasher, Chain of Activity, etc.

The nodes communicate effectively with the blockchain, and they function in two different ways: updating the context and running a network. A peer-to-peer network makes the connection between these nodes.

As a retail investor, if you want to invest in Tezos for the long term, you must read the XTZ predictions.

Tezos Price Chart

At the time of writing, XTZ was trading around $2 with support of $1.65. Though it shows a sign of short-term reversal, $2.5 will be a strong resistance level.

On the daily chart, the MACD indicator is bullish with green histograms. Bollinger Bands are neutral because the candlesticks are formed in the middle band. RSI is stable, so XTZ is bullish in the short term.

After forming higher highs and higher lows last year, it was consolidating within a range of $4.5 and $2.5, but it has broken the support level.

Tezos Price Analysis

On the weekly chart, the MACD indicator is bearish with red histograms; RSI is in the oversold zone. We can find two green weekly candles in the lower half of the Bollinger Bands, which does not suggest bullishness.

Thus, it is the ideal time for long-term investing until it crosses the immediate resistance level. After that, you can start accumulating the coin for the long term.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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