Tezos (XTZ) Price Prediction 2023 — Will XTZ Hit $2 Soon?
- Bullish XTZ price prediction for 2023 is $0.948 to $1.489.
- Tezos (XTZ) price might reach $2 soon.
- Bearish XTZ price prediction for 2023 is $0.521
In Tezos (XTZ) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about Tezos to analyze the future movement of the cryptocurrency.
Tezos (XTZ) Current Market Status
| Current Price | $0.9209 |
| 24 – Hour Trading Volume | $13,772,585 |
| 24 – Hour Price Change | 0.38% up |
| Circulating Supply | 937,342,954.76 |
| All – Time High | $9.18 (October 04, 2021) |
What is Tezos (XTZ)?
Tezos (XTZ) is the native cryptocurrency of Tezos. Tezos is an open-source, smart contract-based blockchain that facilitates the creation and development of smart contracts and dApps.
The blockchain is secured by a modified proof-of-stake (PoS) called liquid proof-of-stake (LPoS). Transactions are added onto the blocks and validated by a group of validators called bakers and endorsers. Bakers are the ones who stake XTZ tokens and create new blocks. While endorsers validate the blocks.
Users can stake Tezos (XTZ) tokens to validate blocks and secure the blockchain. Token holders receive voting rights and participate in the network’s governance.
Tezos (XTZ) Price Prediction 2023
Tezos (XTZ) ranks 53rd on CoinMarketCap in terms of its market capitalization. The overview of the Tezos price prediction for 2023 is explained below with a daily time frame.
XTZ/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Tezos (XTZ) laid out a descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.
At the time of analysis, the price of Tezos (XTZ) was recorded at $0.9209. If the pattern trend continues, then the price of XTZ might reach the resistance levels of $0.989, $1.084 and $1.174. If the trend reverses, then the price of XTZ may fall to the support of $0.890.
Tezos (XTZ) Resistance and Support Levels
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Tezos (XTZ) are shown in the chart below.
XTZ/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in XTZentifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Tezos (XTZ) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the XTZ price lies below 50 MA (short-term), indicating its downtrend. Hence, XTZ is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of XTZ is at 31.80. Therefore, this indicates XTZ is nearly in an oversold state. Also, this confirms that XTZ sends out a buy signal.
Tezos (XTZ) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Tezos (XTZ) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
XTZ/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of XTZ lies in the range of 36.915 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of XTZ lies below 50, indicating low volatility.
Comparison of XTZ with BTC, ETH
Let us now compare the price movements of Tezos (XTZ) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs XTZ Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of XTZ is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of XTZ also increases or decreases respectively.
Tezos (XTZ) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Tezos (XTZ) between 2024 and 2030.
Tezos (XTZ) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Tezos (XTZ) might successfully test and surpass its resistance levels to hit $6.9 by 2024.
Tezos (XTZ) Price Prediction 2025
The significant upgrades in the Tezos ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Tezos (XTZ) price to reach $7.5 by 2025.
Tezos (XTZ) Price Prediction 2026
If Tezos (XTZ) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $8.9.
Tezos (XTZ) Price Prediction 2027
If Tezos (XTZ) sustains major resistance levels and stands as a better investment option in the market, then XTZ would rally to hit $9.5.
Tezos (XTZ) Price Prediction 2028
If Tezos (XTZ) holds a positive market sentiment amXTZ the highly-volatile crypto market by driving significant price rallies, then XTZ would hit $10 by 2028.
Tezos (XTZ) Price Prediction 2029
If investors flock in and continue to place their bets on Tezos (XTZ), then the crypto would witness major spikes. Hence, XTZ might hit $10.5 by 2029.
Tezos (XTZ) Price Prediction 2030
By 2030, the XTZ price might rally to $11 if the trend momentum aligns in favor of Tezos. Furthermore, XTZ would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Tezos (XTZ) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Tezos (XTZ) price prediction for 2023 is $1.489. Comparatively, the bearish Tezos (XTZ) price prediction for 2023 is $0.521.
If there is a positive elevation in the market momentum and investors’ sentiment, then Tezos (XTZ) might hit $2. Furthermore, with future upgrades and advancements in the Tezos ecosystem, XTZ might surpass its current all-time high (ATH) of $9.18 and mark its new ATH.
FAQ
1. What is Tezos (XTZ)?
Tezos (XTZ) is the native cryptocurrency of Tezos. Tezos is an open-source, smart contract-based blockchain that facilitates the creation and development of smart contracts and dApps.
2. Where can you buy Tezos (XTZ)?
Traders can trade Tezos (XTZ) on the following cryptocurrency exchanges such as Binance, Deepcoin, Bitrue, BingX, and Bitget.
3. Will Tezos (XTZ) record a new ATH soon?
With the ongoing developments and upgrades within the Tezos platform, Tezos (XTZ) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Tezos (XTZ)?
Tezos (XTZ) hit its current all-time high (ATH) of $9.18 on October 04, 2021.
5. What is the lowest price of Tezos (XTZ)?
According to CoinMarketCap, XTZ hit its all-time low (ATL) of $0.3146 on December 07, 2018
6. Will Tezos (XTZ) hit $2?
If Tezos (XTZ) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $2 soon.
7. What will be the Tezos (XTZ) price by 2024?
Tezos (XTZ) price might reach $6.9 by 2024.
8. What will be the Tezos (XTZ) price by 2025?
Tezos (XTZ) price might reach $7.5 by 2025.
9. What will be the Tezos (XTZ) price by 2026?
Tezos (XTZ) price might reach $8.9 by 2026.
10. What will be the Tezos (XTZ) price by 2027?
Tezos (XTZ) price might reach $9.5 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/tezos-xtz-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
