Tezos was a high-profile ICO in 2017, whose coin was only listed on exchanges in the summer of 2018. However, its price was fatally reset due to the market crash at the end of 2018. Few believed in the possibility of a rapid return to service, but in the fall of 2021, XTZ showed its viability. Now it’s time to look for new good entry points. Should I buy now or is it better to wait and see?
What Is Tezos?
There is no reinventing the wheel, this is a platform for decentralized applications and smart contracts. It’s similar to Ethereum. According to the official website, a key feature of the platform is managing the development of the blockchain by participants’ voting. Tezos is also based on the Proof-of-Stake (PoS) algorithm, according to which only some selected validators can participate in transaction verification instead of miners (XTZ cannot be mined).
The adaptability and upgradability of the network depending on consensus, expands the potential functionality of the platform.
Tezos is one of the sensational (and infamous) ICO in 2017, which managed to collect a fantastic $232 million in bitcoins. Due to disagreements between the founders, collective claims from investors and other legal problems, the launch of the platform was postponed.
ETH is a fuel of Ethereum; XTZ performs the identical role in Tezos. The coin can be obtained through the PoS algorithm by miners. This process can be called mining only conditionally, It is used to execute smart contracts created on the platform, since transaction confirmation is entrusted to a random token holders. It can also serve as a means of exchange and reward within Tezos and apps created on its basis. There are several Tezos-powered projects: Tezsure (decentralized insurance marketplace), Taquito (a TypeScript library suite that can be used to create applications), VIAZ (a decentralized funding platform), and dozens of others. In addition, BTG Pactual, the biggest investment bank in Latin America, plans to launch a project on Tezos blockchain.
You can buy the altcoin on Binance, Kraken, Gate.io, HitBTC, Bitfinex and some other, less popular exchanges.
Tezos (XTZ) 2023 Price Prediction
It is worth doing some retrospective analysis. It will help to understand the pricing logic of this coin against the backdrop of global falls and subsequent recovery.
At the beginning of July 2018, the XTZ token was added to Gate.io (before that, the tokens were traded as futures on HitBTC). Its price dropped from $4.58 to $1.22 in a few days. This is due to the fact that holders started selling tokens, in addition, coin ranking sites such as Coinmarketcap could not find enough information about the circulation of coins (tezos market capitalization decreased after the data update).
After the launch of the beta platform, the price of Tezos began to recover, hitting $2.45. Some investors who did not sell tokens were optimistic. They had reason to think so. The project has a working blockchain platform, which is the primary growth factor. However, their expectations were literally buried in November-December 2018.
XTZ has proven to be trend driven. We really can’t use the word “advantage” for this, but the market recovery will push the price of XTZ higher.
In 2019-2020, the altcoin was added to other major crypto exchanges. As our experts predicted earlier, it was listed on Binance and Huobi, causing the price to spike. However, in 2023, the project does not have such sidings left to support the price and renew interest in the coin.
The situation with a sharp sale will not happen again, because there are enough markets for realization. The expansion of volumes and additional features of wallets should have a positive effect. The project has lost its children’s diseases.
The cryptocurrency has a high FCAS (Fundamental Crypto Asset Score) rating. Data about this is posted on CoinMarketCap. The status of the project is assessed as “B” and has more than 600 rating points. Most competitors are far behind.
This is what helped make the pump in the fall of 2021, although it did not save it from draining in 2022. We again see too much dependence on the price of bitcoin. Perhaps even more than most altcoins. The fall 2022 accumulation showed clear support levels, but the flavor that the coin’s position is too shaky remained.
The upcoming growth is quite logical, however, it is unlikely that XTZ will increase in price significantly. The global goal is the ATH test. But its achievement should be accompanied by a very positive news background. The project has at least two giant competitors: Ethereum and EOS. The conquest of the market leadership will be postponed until better times. Our Tezos forecast is shown in the table at the end of the article.
Here are some alternative opinions for the long term:
Tezos Price Prediction Based on Technical Analysis
We start from several important and rather obvious levels. Spot position acquisition zone is marked in green. There is enough liquidity to take the targets marked in white. The $1.65 zone is very intermediate, but all the most interesting things will happen only after its confident breakdown and fixing the weekly candles.
Do we see an immediate high at $4? Rather yes. This is a critical zone that can delay the pump. However, the result of breaking through it may surprise investors. Although it is still too far to the previous highs.
Tezos Coin News
The era of large-scale updates, apparently, has come to an end. Now the main events are the conferences that bring 2022 to a close. They help to understand on what background the project enters the beginning of a new bullish rally.
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Disclaimer: this forecast is our estimate. Always conduct your own research before investing in any cryptocurrency. There are no guarantees in this market, but you can correctly manage your risks.