Our Tezos price prediction is on its way to flipping bullish as the price has broken above a very critical level. The $1.80-$1.90 region has acted as a pivot for XTZ in the past. A reclaim of this level might trigger a huge bullish move of around 20%-40%. Nevertheless, the price needs to confirm the breakout first by gaining acceptance above this region.
Tezos is a layer 1 blockchain with disruptive tech. Unlike most other blockchains, the smart contracts on Tezos are written in the programming language called Michelson. This has made the project adoption very low as compared to its counterparts.
As per DeFi Llama, the network TVL is constantly decreasing. The platform TVL is slightly up from last week as it has gained $0.8 million. Currently, cryptocurrencies worth $32.8 million worth are locked on the blockchain. The lack of EVM compatibility is a major hurdle in the development of an ecosystem. Therefore, the slow growth has quite adversely affected the Tezos price as well. You can buy Tezos by signing up on the top crypto exchange Binance.
According to Tezos news today, an Austrian contemporary art fair has launched a crypto art drop on the XTZ blockchain. The drop is meant to support the Ukrainian art community.
Tezos Price Prediction
Technical analysis of the XTZ USD price chart indicates a formation of the symmetrical triangle. The price is also forming a bear flag on the daily timeframe. A breakdown below the bear flag could send XTZ well below $0.90. Although the price has broken out of the symmetrical wedge, it is still lacking volume. The bulls need to bring their A-game to the table if they want to confirm this breakout.
Such a confirmation would make Tezos price prediction of $2.32 a reality. This would be a 20% increase from the current price of $1.89. If there’s enough gas in the tank, the price might even tag the 200-day moving average that currently lies at $2.54. However, BTC price action must also be monitored during the breakout as a sudden bearish move could give bears control once again. To avoid such a scenario, stop loss below $1.75 could be very helpful.