TEZOS (XTZ) Price Prediction for 2021: Can Update Trendline Support at $2.15?
Tezos – Forecast Summary
|Tezos Forecast: H2 2021|
Price: $2 – $4
Price drivers: Crypto market sentiment, Elon Musk’s comments on cryptos, EDO Upgrade
|Tezos Forecast: 1 Year |
Price: $4 – $5.50
Price drivers: Tezos upgrades, Recovering global economy
|Tezos Forecast: 3 Years |
Price: $5.50 – $10
Price drivers: Crypto market sentiment, DeFi Adoption by investors and users, Tezos Upgrades, Global politics
The cryptocurrency Tezos has shown a dramatic bearish trend recently. Considering the performance of the past month, the XTZ/USD pair has lost -$ 0.55, plunging nearly 21.48%, to trade at $ 2.56. Over a period of six months, the XTZ/USD pair has lost -$ 0.32 or -12.55%, while the pair has reported a dramatic gain of +$ 1.071, or 41.80%, on the yearly time-frame.
Currently, the XTZ/USD Live Price chart suggests that TEZOS (XTZ) is trading at $ 2.53. The market cap of Tezos is USD 2,159,617,168, and currently, $66,202,385 in XTZ are circulating.
Tezos (XTZ) is one of the smartest contract platforms that has a couple of unique features. Kathleen Breitman, the Co-Founder and CEO at Tezos, states it’s strengths is that Tezos is a decentralized, open-source blockchain network that can perform peer-to-peer transactions and serve as a platform for deploying smart contracts. Tezos is also known as tez or tezzie, which has the symbol XTZ. XTZ has had a market capitalization of about $1.6 billion so far, which makes it the 18th most precious cryptocurrency in the market. Apart from this, the Tezos has one more unique feature, which is called the Proof of Stake (POS) consensus mechanism. Proof of Stake (POS) enables users to confirm transactions without the troubles of mining, which requires expensive hardware and technical expertise.
Let me explain to you that the Proof of Stake (POS) has been gaining a lot of ground over Proof of Work (POW) recently. Thereby, Tezos is the most successful cryptocurrency to offer staking. The popularity of staking could be considered as one of the leading factors that tend to underpin the Tezos value. That was witnessed after Tezos got significant support in 2019 and 2020 compared to the rest of the market. The price of Tezos surged more than expected between October 2019 and February 2020 and reached record highs.
From the historical point of view, Tezos, proposed by the husband and wife team of Arthur and Kathleen Breitman, raised the equivalent of $232 million in an initial coin offering in 2017. It is worth mentioning that it was Arthur who first introduced the idea for Tezos, all the way back in 2014. That’s why they are the two most important characters on the Tezos team. He started by publishing a white paper that laid out the foundation for the Tezos cryptocurrency. Afterward, his wife Kathleen joined the project and they created Tezos.
Recent Changes in the Tezos Price
|Period||Change ($)||Change %|
Tezos (XTZ) Price Prediction for the Next 5 Years
Tezos coin was meant to be launched after its successful ICO but there was some legal security issue in the U.S. that was seen as one of the key hurdles during the launch. These issues took some time to settle. To resolve these all legal issues., the foundation hired one of the best auditors from PwC. Tezos (XTZ) was launched by the end of 2018 and the token price at the time of ICO was approximately 0.47 USD. The prices of Tezos started to take some bullish positions, and the coin succeeded to get its position back to $1.08 from $0.4. It’s worth mentioning that the highest recorded price of Tezos XTZ was nearly $12.19.
There would be a large change in Tezos prices after the year ends. The prices can hit around $10.82 after the year ends. Tezos has been facing losses since the previous year. The total drop % was approximately 16%. As of now, the price of 1 Tezos (XTZ) is $5.29. It is expected that the Tezos price will recover during 2021. The price can go up to around $8, which is almost a 30-80% rise from its current price. By the end of 2021, Tezos XTZ could be worth around $12.10, an improvement of 134% on its current amount. The source believes that the price of Tezos is expected to be $20.01 in 2023. The price will be approximately USD 50.06. This means that the current price has risen by more than 825%.
Factors Affecting Tezos Price:
Many cryptocurrencies are currently uncontrolled by governments and central banks. If there would be some changes in the coming years, it could have an impact on the value of Tezos.
Supply and demand – One of the key factors that influence cryptocurrency price is supply and demand. The higher the demand and lower the supply, the higher the price. Conversely, if demand is low and supply is high, the prices of the coin will decrease.
The supply of cryptocurrencies is limited. Moreover, over time it starts to slow down. Therefore, the demand for assets will likely exceed the available amount. The demand for individual cryptocurrencies may vary greatly. This in turn is influenced by a multitude of other, specific factors that distinguish a given virtual coin from others.
Mining – Cryptocurrencies do not come from anywhere, but Crypto miners extract them by using specialized equipment called excavators. This method becomes more difficult day by day. If the cost of extracting virtual currencies rises, it tends to underpin the prices of the coin.
Rules and regulations – The rules or requirements introduced by national authorities also leave a notable impact on cryptocurrencies. If the rules become quite restrictive, it may leave a bearish impact on cryptocurrencies. Conversely, if they speak kind words of the crypto industry, it will have a bullish impact on cryptocurrencies.
Power of the media – Media is seen as one of the key tools that can help or harm cryptocurrencies. They are considered a type of spindle that drives moods among investors. Normally, the good news will leave a bullish impact on it, while bad news can cause panic, which leads to a quick fall in cryptocurrencies.
Financial crises – The cryptocurrency prices also rely on the economic situation in the concerned countries. If the country’s financial system starts to fall, people start to panic and run into other assets.
TEZOS (XTZ) Price Prediction – Technical Analysis – Can Upward Trendline Support at $2.23?
The technical side of XTZ/USD is exhibiting a strong bearish bias on the weekly and monthly charts. Tezos has closed series of bearish engulfing candles and a “Three Black Crows” candlestick pattern near the $2.56 level, which demonstrates a strong selling trend in TEZOS. The XTZ/USD coin has plunged below the strong support level of $4.16 level that’s now working as a resistance.
On the monthly chart, the upward trendline is likely to extend support at the $2.2350 level. However, a bearish breakout of $2.2350 level can drive more selling until double bottom support level of $1.1444 level.
On the monthly timeframe, the leading technical indicators like MACD and RSI are about to crossover into the selling zone. The MACD histograms are becoming smaller and its value slips to 0.070 from 0.36, demonstrating the dominance of sellers. Besides, the RSI has just crossover below 50, supporting the selling trend in TEZOS. TEZOS (XTZ) price prediction remains bearish, however, the $2.2350 support level is hope for bulls.
Taking a look at the daily timeframe, the XTZ/USD coin is entering the oversold zone. The weekly RSI and MACD are trading near oversold regions, but there’s still room for slight selling until the $2.1407 level.
On the higher side, the Tezos is pretty likely to go after an immediate resistance level of $3.44, which’s extended by weekly 50 periods EMA. Whereas, a bullish breakout of $3.44 can drive more buying until the previously placed high level of $4.14 on June 7, 2021.
Overall, XTZ/USD is likely to continue trading bearish, as the leading and lagging indicators support a selling trend. A series of exponential moving averages, such as the 20, 50, and 100 periods EMA, are suggesting selling in the coin around $3.4 and $5. Let’s consider staying bullish above the $2.14 area, to hit long-term target levels of $4.15 and $6.10. Good luck.
Updated: Aug 05, 2021