Tezos Price Up By 3.92% – Time to Buy XTZ Coin?
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The Tezos blockchain is a popular protocol that has seen remarkable adoption in the last few months after a slow start to life since launching in 2017. The protocol’s popularity as an ‘Ethereum killer’ has seen investors push to buy XTZ before it rallies along with the general market.
Tezos: Building a Future-Proof Blockchain Protocol
Tezos was conceptualized by Arthur Breitman and his wife Kathleen launched the protocol in 2017.
Like several blockchain protocols, the Tezos blockchain aims to engender blockchain adoption. However, the network is taking a different path to achieve this.
Sporting a varied version of the proof-of-stake (PoS) consensus algorithm, Tezos uses a delegated PoS (dPoS) which sees network users elect a validator node to verify transactions on the blockchain. This helps cut down on energy use and costs to deploy apps on the network. It also has a higher throughput than the more established Ethereum blockchain.
Tezos is built to be scalable, fast and future-proof and its infrastructure is said to be more advanced than that of the Ethereum network. Tezos’ uniqueness lies in its flexible and evolving network. With network upgrades not expected to cause a rift in the network or the danger of a hard fork,
Tezos is built to last. Its smart contract provides a high level of precision which is used for high-value use cases. This has seen the likes of Societe Generale integrating with the protocol for its central bank digital currency (CBDC) program.
The Tezos blockchain is powered by the XTZ token which is used for governance activities, alongside staking (baking), and bonding on the network.
XTZ Price Rallying With the Wider Market
The XTZ token has seen a lot of rallies and dips in the last ten months. Closing the previous year at $2.0151, XTZ has rallied more than 280% year-to-date (YTD) reflecting the network’s growing influence in the crypto market. Meanwhile, the digital asset has largely tracked the price movement of large-cap asset Bitcoin.
With the premier digital asset hitting a landmark price of $65,000 in mid-April, XTZ surged to $7.234 on April 16. A 5% loss saw it slide to $4.4359 a few days later. However, the digital asset did not lose its stride as XTZ made another remarkable rally to $7.5 on May 6 before the crypto market crashed. The three months slump that followed this period saw XTZ hit a mid-year low of $2.1 on July 20 before rebounding.
XTZ started October on a strong footing and hit a record value of $8.70 yesterday. It has continued on its upward trajectory and currently trades at $8.90, up 3.92% in the last 24 hours. Weekly gains of 37.40% indicate that this might be a great time to buy XTZ for the long term.
XTZ Technical and Fundamental Analysis
On the trading chart, XTZ is showing strong bullish potential. The digital currency is trading well above the 20-day moving average (MA) support price of $6.537 with no intentions to come down. With the continued bullish momentum, XTZ could experience resistance at the $9.2 mark and seek support at $7.9 in the event of a severe market reset.
However, the relative strength index (RSI) figure of 69.06 makes a market correction highly improbable. The oscillator shows that more investors are keen to buy XTZ given its growing relevance.
In the aspect of adoption, the Tezos blockchain is fast onboarding projects. It has also been applauded by several investors for its eco-friendly protocol. One of such is American musical sensation Doja Cat who launched her non-fungible token (NFT) collection on the Tezos-based Oneof platform. Also, Kickflow recently launched its first open-source community-controlled crowd-funding platform on the Tezos blockchain.
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