- Tezos price has made a strong rebound in the past few weeks.
- It has formed a rising wedge pattern on the four-hour chart.
Tezos price continued its recovery as the cryptocurrency recovery continued. The XTZ token jumped to the highest point since June 10 of this year. It has risen by more than 65% from its lowest level this year, giving it a market cap of over $1.7 billion.
XTZ rally continues
Tezos is a leading blockchain project that is designed to evolve. The developers describe it as a blockchain that is designed to evolve.
It is an Ethereum-killer that has advanced features like faster speeds and lower transaction costs. Developers can use it to build all types of decentralized applications (dApps) in industries like decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse.
Tezos is one of the oldest blockchain projects considering that it was established in 2014. However, like EOS, the platform has failed to achieve significant success in key industries in the decentralized industry. It has been passed by other blockchains like Solana, BNB, and Polkadot.
For example, in decentralized finance (DeFi), Tezos has a total value locked (TVL) of just $34 million. This means that Shiba Inu’s ShibaSwap has a bigger ecosystem.
Learn more about how to invest in Tezos.
Tezos has achieved some success in the NFT industry. According to CryptoSlam, it is the 11th biggest blockchain project for NFT creators. In the past 24 hours, transactions in its ecosystem were worth about $24,000. That is significantly lower than the $14 million that were handled in Ethereum and $1 million in immutableX.
It is unclear why Tezos price rose sharply on Wednesday. It could be because of Elon Musk’s joke about acquiring Manchester United. This is notable since Tezos is the main blockchain provider for Manchester United. It also has deals with other teams like RedBull Racing and McLaren.
Tezos price prediction
The four-hour chart shows that the XTZ price has been in a bullish trend in the past few days. In this period, it has moved from a low of $1.18 to the important resistance level at $2. A closer look shows that it has moved slightly above the 25-day moving average. The Stochastic Oscillator indicator moved slightly below the overbought level.
Tezos price also formed a rising wedge pattern that is shown in green. Therefore, with this wedge nearing its confluence level, there is a likelihood that the coin will have a bearish breakout in the coming days. If this happens, the next key support level to watch will be at $1.5.
Contributors
