Tezos (XTZ) Poised For Huge Uptick: Analyst Predicts Surge to $3.95
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Tezos is a blockchain platform known for its on-chain governance and energy-efficient proof-of-stake mechanism; its native token, XTZ, is showing signs of stability despite recent fluctuations. It is down around 2% over the past week but up 1% over the last 30 days, which indicates it has maintained itself rather resiliently amidst the volatile market.
Currently, the price of XTZ stands at $0.772815. The cryptocurrency recorded a 24-hour trading volume of $35.49 million and conducted a market capitalization of $759.79 million. Its dominance in the market rests only about 0.03%, but these figures speak for a strong base for future improvement as well.
In the last 24 hours, Tezos has fallen by a mere 0.24%. However, the sentiment remains positive for the overall market. According to analysts, scalability features and frequent up-gradation on-chain governance of Tezos may become key drivers of its value in the upward direction in the coming months.
Crypto analyst Jonathan Carter recently shared a bullish outlook on the price trajectory of Tezos (XTZ), suggesting significant potential for upward movement. XTZ has shown resilience by bouncing from the descending support level at $0.56 despite being in a downtrend.
This bounce has sparked optimism among traders and analysts, with the price likely to test resistance around $0.95 in the near future. A breakout above this descending resistance could trigger a substantial bullish trend, potentially propelling Tezos toward the $3.95 mark.
However, not all projections are outright optimistic. Changelly’s price prediction says XTZ could fall by 4.09% and hit a new low on July 28, 2024. According to their technical indicators analysis, the market sentiment is largely bearish and is now at 72%. The Fear and Greed Index currently rests at 68, indicating greed in market activity.
Despite the mixed outlook, Carter’s bullish stance on Tezos offers a glimmer of hope to investors. If Tezos can break above these resistance levels, it shall set up a large price increase, showing how highly volatile and unpredictable the cryptocurrency market can be.
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