Tezos (XTZ) is up nearly 80% from January lows – Is there enough momentum for growth?
Tezos (XTZ) is one of those coins that seems to have really come from the brink. The coin slumped massively in January, at a point even hitting its six-month low. But after the decent rally that we saw at the start of the month, things are looking gloomy for the coin. Here are some facts:
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Tezos (XTZ) is up over 80% from its lows in January this year.
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At press time, the coin was down around 7% and was trading at $2.98.
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It doesn’t seem like there is enough bullish momentum to take XTZ further in the near term.
Data Source: Tradingview
Tezos (XTZ) – Price prediction and analysis
As noted above, the recovery that we saw on Tezos (XTZ) over the last few weeks has been impeccable. The coin has come from six-month lows to report gains of over 80%. At one point, Tezos was even testing $5.
But as the crypto market continues to see more weakness due to increased tensions in Europe, Tezos (XTZ) has pulled back significantly. In fact, the coin has lost nearly 26% in the last 11 days and has fallen below a crucial support zone of $3.2.
This suggests that there will be more weakness in the days ahead. At press time, XTZ was trading at $2.99. The key right now is to watch whether bulls can push the price above $3.2. But this only happens when we start to see more volume in the market.
Should you buy Tezos (XTZ)?
Tezos (XTZ) is a smart contracts platform that is designed to offer better, more efficient operations than Ethereum. So far, the project has seen increased investor interest and is rated among the most promising chains in the market right now.
It is indeed a very good asset to put in your portfolio, especially when you consider that the market cap is still at $2.6 billion.
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Text source: CoinJournal: Home
