Tezos (XTZ) Incites Buyers as It Maintains Consistent Uptrend!

Tezos can be described as an open source, secure and future-proof blockchain focused on operating smart contracts at a faster rate. Its advantage over other smart contract-focused blockchains is imbibed in its code, enabling Tezos to evolve and improve as per the market demands. XTZ holders have the authority to participate in votings for proposed protocol upgrades on its network. This step roots out the possibility of the blockchain splitting in the future with a hard fork.

Tezos currently holds 38th rank in terms of market capitalization surpassing just over $1,702,989,972. Since over 90% of the XTZ token has already been liquidated and circulating in the markets, the possibility of any organization controlling it remains dim.

With a much bolder outlook as market dynamics shifts towards DeFi and dApps, a smart contract offering blockchains is set to grow in future. As of now, XTZ relies on a Proof of Stake algorithm, but it won’t be a surprise if Tezos move towards DAG, which would be courtesy of its voting feature. 

Tezos is witnessing a tricky price action caused by sentimental buying and selling. The strength of sellers in June 2022 forced a significant loss, while buyers have been trying to gain its lost value. It proves that sentiment wins over logic in the cryptocurrency world. 

Tezos price chart

Tezos’s price action is slow but consistent with larger volatility, which indicates a slow growth to test its immediate resistance active at $2.36. $4.11 is another strong resistance for XTZ in the long run. These values are significantly away from the latest trading value of $1.87, showcasing a stronger uptrend possibility. Read the Tezos prediction to know if the token will reach the resistance or not!

Despite RSI indicating a higher buying sentiment, the transaction volumes indicate a lower value. This contradiction points to the outlook that buyers are holding their tokens to dump at a higher level.

Another breakout level price momentum can occur if XTZ surpasses the 100 EMA curve without any repercussions or consolidation. A strong momentum will take Tezos further towards the 200 EMA, currently showcasing $2.54 but consistently declining.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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