The crypto market has recovered after a tough week last week. Most cryptocurrencies are attempting to create demand for subsequent increases, and Tezos (XTZ) is no exception.
In fact, the coin appears to be on track for a good rise in the coming days. The following are the major takeaways:
- XTZ is pushing higher, with a potentially significant $1.6 support zone to its back.
- If the price action continues to be above this zone at closing time today, XTZ may attempt a breakout and test $2.
- Despite this, the cryptocurrency is in a long-term bearish trend.
Tezos (XTZ) has been trading in a very tight range for the past few days. And this has led to a lot of speculation about where the market might be heading next. XTZ recently found support at $1.60 and this appears to be a critical level for the market.
When will the price of XTZ reach $2?
This is a difficult question to answer.
As you are aware, sentiment in the cryptocurrency market has been rather difficult to predict in recent months. It now appears that investors are hesitant due to continuing market headwinds, which are erasing investor profits.
It’s worth noting that Tezos did have a strong run in April when the price increased from $0.50 to over $3. However, since then the market has been in decline and XTZ has lost over 60% of its value.
The good news is that Tezos appears to be forming a bottom around $1.60. And if this level holds, we could see a move higher in the near-term. A break above $2 would confirm a new uptrend and Tezos could target $3 once again.
However, there is a chance that $1.6 will be lost. If this occurs, XTZ will most likely bottom out at around $1.3 or thereabouts before rising again in the long term.
Despite this short-term upside, however, the overall trend for XTZ remains bearish. In Q2 2022, the coin is expected to accelerate its losses even more.
Is Tezos a good cryptocurrency?
If you’re considering Tezos’ value proposition, you’ll likely agree it’s a good investment. However, the recent price drop is concerning. XTZ has dropped 80% this year, according to CoinMarketCap.
We anticipate some recovery before 2022, especially if market sentiment improves, based on these criteria. XTZ should be a good buy for long-term investors, according to these measurements.
About Tezos (XTZ)
Tezos is a digital asset and smart contract platform that launched in 2017. Tezos uses a delegated proof-of-stake consensus mechanism and aims to offer features like self-amendment, network governance, and formal verification.
The cryptocurrency has a total supply of 763 million XTZ and a circulating supply of 660 million XTZ. Tezos is currently ranked 17th on CoinMarketCap with a market capitalization of $2.4 billion.
Tezos (XTZ) targets $2 when it solidifies over a critical support zone Tezos is forming a bottom around $1.60. Which if this level holds could see move higher in near term.
The XTZ coin is currently trading at $1.32 and is down by 2% on the day. Tezos lost 10% of its value in the past seven days and 15% in the last 30 days.
The Tezos Foundation recently locked up $1 billion worth of Tezos to ensure long-term support for the network. This move indicates that the foundation has confidence in the future of XTZ.
From all indications, the XTZ coin will likely reach its S2, target and surpass it.