The next 24 hrs are very critical for Tezos Price Prediction. The reason is that XTZ price is battling its previous support, which might become the new resistance. The $1.80-$1.90 price level has acted as a pivot for XTZ on multiple occasions. A reclaim of this level might unlock massive upside for the cryptocurrency.
Tezos was once a very hyped blockchain due to its disruptive tech. However, the network couldn’t gain much traction when compared to other notable blockchains. As per DeFi Llama, the network TVL is constantly decreasing. The current TVL stands at only $32 million, the same figure was north of $197 million in October 2021.
Many analysts attribute the underperformance of Tezos price to its unique network architecture. Therefore, the lack of EVM compatibility might be playing a role in its slow development. According to Tezos news today, the latest protocol upgrade named as Jakarta is live now.
This is the tenth Tezos upgrade which has been developed by Nomadic labs, Marigold, TriliTech, Oxhead Alpha, Tarides and Tweag. The upgrade is expected to meet the short-term scaling needs. It will also allow the developers to build rollup-based smart contracts.
A look at Tezos coin daily chart shows that the coin has formed a symmetrical wedge. Currently, the price is attempting a breakout while also battling the resistance. A confirmation of this breakout has the potential to take the price up to $3. This target also aligns with the 0.618 Fib retracement level that connects the April high to the June low.
An even more appropriate Tezos price prediction could be a $2.32 price level due to more confluences. This is the point where the June high and 0.382 Fib level meet. Nevertheless, both of these upwards price targets would be invalidated if the price loses the $1.5 level. You may also trade this setup on a crypto exchange like Binance, but a tight stop loss is highly recommended, as described above.
This post was last modified on Aug 05, 2022, 13:23 BST 13:23