- The XTZ asset is showing bullish strength and rising potential as it stays above major EMAs.
- The asset is showing bullish traits and it has even demonstrated good performance in the past week (22.39% spike).
Tezos is a cryptocurrency and it has a more sophisticated and interstingly advanced infrastructure that can evolve and enhance over time without the risk of a hard fork. XTZ bearers can even vote on upgrade propositions that are submitted by Tezos strong and creative developers.
This open-source platform claims to be “secure, upgradable and built to last” — and says its smart contract language ensures the accuracy that is needed for high-value use cases.
Tezos says that its method is future-proof and will remain cutting-edge for a long time, meaning it can adopt innovations in blockchain technology.
While staking is common across blockchains, Tezos has a unique twist on this process. Participants can even enter the network’s governance via “baking,” where they stake 8,000 XTZ. It creates a financial incentive to act honestly.
Bakers are then liable for voting on proposed modifications to the blockchain’s code in a four-step operation process, that takes about 23 days. Proposals that get support from the vast majority of participants are tested on a testnet for 48 hours and are fully applied if they are approved by a super-majority.
Tezos is also different because of how it has started to be used by prominent businesses. In September 2020, it was reported that the French banking giant Societe Generale planned to use this blockchain for testing with a central bank digital currency.
Large cryptocurrency exchanges, such as Binance and Coinbase have also shown support for Tezos staking. It implies that the users can obtain rewards based on the XTZ that they carry. It is not a feature that’s seen very often across digital assets.
Tezos Chart Analysis
The Tezos crypto has displayed a sign of revival as the price bounced back from a critical level of around $0.850 on the chart.
Now it seems like, the XTZ crypto is poised for a spectacular rally, as it prepares to smash the resistance level and soar to new heights from the current support zone. The XTZ asset is showing bullish strength and strong potential as it stays above major EMAs.
At the time of publishing, the CMP of XTZ crypto is $1.062 with an intraday surge of 1.34%.
Moreover, the other technical tools shows that the Tezos crypto asset is in a strong uptrend and the MACD & RSI shows no signs of overbought conditions, suggesting that the asset has more room to climb more on the chart.
In addition, the asset is showing bullish traits. It rose by 22.39% last week and rose by 25.45% over the past month, while the spike over the last three months was 61.56%, indicating a reliable upward trend.
However, if the demand for the XTZ remains high, the asset price could bounce back from the current level. The next goal for the XTZ price is to reach $1.500.
On the flip side, if the Tezos crypto price fails to stay above the $0.850 level, it could decline further.
Summary
The XTZ asset is showing bullish strength and rising potential as it stays above major EMAs. Moreover, the other technical tools shows that the Tezos crypto asset is in a strong uptrend and the MACD & RSI shows no signs of overbought conditions, suggesting that the asset has more room to climb more on the chart.
Technical Levels
Support Levels: $0.850
Resistance Levels: $1.500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.