Throughout the month, Tezos price has traded in a sideways market, which has seen it drop by only 3 per cent. Compared to most cryptocurrencies, Tezos has persistently outperformed the markets.
Part of the reason for this performance is due to Tezos price failure to adopt the trend of the general trend of the cryptocurrency industry. Instead, Tezos price has been able to either trade within a narrow range or gain in the markets.
Tezos has also seen an expansion of its platform, which may have contributed to the current outperformance of the market. For instance, last week’s reports indicate the platform partnered with Taco, a Web 3 automation platform that will allow Shopify users to access Tezos non-fungible token. The development is very significant for Tezos, which has gained traction over the past year due to its low-cost minting and energy efficiency.
The deal will also see a shift in customer engagement from Tezos, strengthening of bonds with the clients, and they also plan to use the partnership to increase their customers’ retention. Therefore, whichever way you look at it, Tezos stands to gain greatly from the partnership with these platforms.
Based on the chart below, the Tezos price has been trading in a sideways market. The chart also shows that prices have been very stable for the past month. It is true that Tezos has not established a trend for weeks and has had low volatility and momentum. However, all these facts have helped it to outperform the current bear market of the cryptocurrency market.
Therefore, my Tezos price prediction expects the price to continue trading within the narrow range of $1.2 and $1.5. However, if it breaks the narrow price range, my long-term price prediction is for Tezos to go up. There is a high likelihood that breaking out of the range will see it hit the $1.68 resistance level and possibly trade above it. A trade below $1.2 will invalidate both my sideways and long-term bullish trend.
This post was last modified on Oct 24, 2022, 14:29 BST 14:29