In the crypto ecosystem, there is no such thing as a stable ground, we come across roller coaster ride in the crypto space. Agree?
As we are aware of the ups and downs in the crypto market, the price fluctuations still continue further. Are you thinking to invest in Tezos? Let’s take a sneak peek of Tezos (XTZ) price prediction. Discover where the Tezos coin price is heading in 2020.
Don’t fall into the trap. Analyzing the coins before investing is obviously a good idea.
Let’s peel the layers of Tezos price prediction.
What is Tezos?
Tezos (XTZ) is a blockchain network linked to a digital token, which is called a tez or a tezzie. Tezos is not based on the mining of tez. Instead, token holders receive a reward for taking part in the proof-of-stake consensus mechanism.
Tezos was Developed by Arthur Breitman. Tezos also referred to as XTZ is a coin that is a multi-purpose platform that supports dApps and smart contracts. The platform’s main objective is to combine a self-correcting protocol and on-chain governance to manage network modifications.
Additionally, Tezos uses delegated proof-of-stake (DPoS) and supports Turing complete smart contracts. It would be worth mentioning that, Tezos erupted into the crypto Land by collecting $232 million in their then record-breaking ICO.
Tezos Price Today
Tezos is currently trading at $2.89. The market is capped at $2.12 billion while $76.38 million was exchanged in the last 24 hours. XTZ/USD achieved a few days of sideways trading without moving past the $3.1 resistance level.
Although prices plunged to a new low around $2.8 early in the week, there seems to be a strong level of support in that area. Now, Tezos is changing positions amid $2.8 and $3.01 with future prospects pointing to the downside.
On the 4-hour price chart, XTZ/USD hits the upper limit of the Bollinger band indicator where its price met stiff resistance. The corresponding plunge means that the bears took over the market and support on the mid-level moving average at $2.76 seems to be a reasonable option. Below this support, there may be a free ride towards the lower limit at $2.45. This may take several days to materialize.
Also, the Resistance Strength Index (RSI) has just bounced off the resistance at the 50.0 RSI level. This is indicative of a price rejection at the $2.90 level and further plunge remains a good point of reasoning. Although, if the bulls take charge again, there are little to no chances that they may run up too far in the short term.
However, the sellers are threatening to push prices lower than the support at $2.76. If this becomes reality, Tezos may be headed for the $2.45 level where major support lies.
Tezos Price Technical Analysis
With the end of its ICO in July 2017, Tezos took few months to get listed on popular exchanges. Meanwhile, in October 2017, it was first started being listed on a major exchange.
Soon after the tokens hit exchanges, the price immediately surged at more than 3 times its $0.51 ICO price. Further, until mid-November 2017, theXTZ coin price was hovering between $1.50 and $2.50. But within a few days, the coin recovered the loss and began to see huge growth as the market picked up steam.
At the end of 2017, i.e on Dec 17, 2017 , XTZ rapidly gained momentum on exchanges, spiking to as high as $12.19, while the Tezos market capitalization swelled to enormous proportions. However, in just one week, Tezos was one of the first coin to suffer a bearish moment, by losing more than two-thirds of its value.
Further in 2018, besides a short growth of $6 on Jan 3rd, 2018, the XTZ coin price suffered a drastic loss reaching trading value $2. Later the price was hovering between $2 to $3 until June.
But, the Bears hit hard, the Tezos coin price sloped down to $1.65 in the mid of June and bearish phase continued till 2018 end with a trading value below $0.476. Falling below its ICO price for the first time in November — before continuing to witness heavy losses in Q1 2019
By analysing the graph we can see that 2018 was a poor year for Tezos — as the Tezos price consistently fell week after week.
Moreover, XTZ crashed in value the same day the platform beta version went live. As a result, it lost almost half of its value over a two day period.
Tezos Price Prediction 2020
Tezos has been generally bullish in 2020. From a low price of around $1.25 in January, the top cryptocurrency moved steadily to record Year-Till-Date (YTD) All-Time-High (ATH) of $3.6 in late February.
However, in March, there was a sharp price plunge, a result of which XTZ was trading at $1.25 in the middle of March. This was where things stood by the end of the first quarter of 2020.
By the beginning of the 2nd quarter, XTZ began to rise until it faced a stiff resistance at $3 sometimes in May. The price tried to push through the level early on in June by selling pressure push the market sideways and XTZ has been flirting with the $3 level ever since.
If XTZ coin successfully enters the third quarter with more than 3$, the more optimistic predictions imply that XTZ could take a massive rebound towards getting to the price of 8$, that way getting close to it’s an all-time high of 10$. But, if the bearish trends hit the market, XTZ coin shall remain to trade at 3$ in the best-case scenario or drop below 1$ again.
Tezos Price Prediction 2021
By the year 2021, an exponential growth is highly anticipated due to inbound development and adoption. XTZ may be trading considerably above $8 and further improvement may even be an option. In the best possible case, XTZ may exchange for $12-15 by ending of 2021.
Tezos 5 Years Price Prediction
As we can see that Tezos is a self-evolving platform, we may more likely expect the platform to survive the frequent dips. Further, being optimistic, With the adoption of Dapps and further developments, we may predict Tezos price might reach 14$ to 20$. Thus, we can assume that XTZ could take a rebound in the course of the next 5 years.
Tezos Market Prediction
- WalletInvestor website’s analytics claim that Tezos will experience a hard crash to $0.086 by 2020.
- According to CryptoGround, in 2020, Tezos cryptocurrency will be $1.25.
- DigitalCoinPrice predicts Tezos coin will reach up to $2.01 by end of 2020.
- TradingBeasts believes that XTZ price will drop to $1.02 by the end of 2020.
Our Tezos Prediction
Based on the current XTZ price, we predict that Tezos may reach as high as $24 in coming years as the blockchain DApp industry explodes over the coming years.
As Tezos is still in the developing stage, thus a great deal of work needs to be done in developing its use-cases and demonstrating the potential of the technology. However, with DApp development has begun to pick up, and some genuinely promising features on the way, it may not be long before Tezos hits a turning point.
Considering all the things, Tezos certainly has the potential to grow in value over the next several years, but nothing is guaranteed. trade very carefully before you consider investing, as total losses are certainly within the realm of possibility.
Tezos Recent Updates
Coinbase extends Tezos staking rewards to UK and select European customers
Crypto exchange Coinbase has rolled out Tezos staking rewards for customers based in the UK, France, Spain, and The Netherlands. Customers will now be able to earn an estimated ~5% annual return on their otherwise idle XTZ holdings by keeping these funds on the exchange.
The Tezos Foundation undergoes a few personnel changes
The Tezos Foundation lately decided its quarterly Council meeting with the statement that current Council members Ryan Lackey and Michel Mauny will step down. However, both will remain promptly pertained to the project, as Ryan will stay on as an advisor. At the same time, Michel will move into the role of President of Tezos core development group Nomadic Labs.
Ethereum developer framework Truffle adds support for Tezos
Truffle, a popular suite of Ethereum developer tools, has declared open support for Tezos. Developers can now establish, test, and deploy smart contracts onto the Tezos blockchain using Truffle’s flagship command-line tool.
Bitcoin-backed token launches on the Tezos blockchain
The Bitcoin Association Switzerland (BSA) announced a group of crypto firms has collectively launched a tokenized version of Bitcoin, tzBTC, on the Tezos blockchain. Similar to Wrapped BTC (WBTC) on Ethereum, each tzBTC is backed by an equivalent amount of Bitcoin.
- What is Tezos?
Tezos (XTZ) is a blockchain network linked to a digital token, which is called a tez or a tezzie.
- What consensus does Tezos blockchain work on?
Tezos blockchain uses the Proof-of-Stake (PoS) algorithm.
- Does Ledger support Tezos?
Hardware wallet manufacturer Ledger has announced the latest version of its Ledger Live application, adding support for Tezos (XTZ) and Tezos staking.
- What Is Baking In Tezos Blockchain?
Baking is what Tezos refers to as the action of signing and publishing a new block in the chain.
What Is Tezos Baking Delegation?
By delegating, you give the baking rights of your tezzies to a baker. You never handle the private keys: the tezzies are still in your control.