Tezos (XTZ) price rises in January. Here are the next targets for buyers

Tezos (XTZ) price rises in January. Here are the next targets for buyers

Tezos (XTZ) price has advanced from $1.98 above $2.7 since the beginning of January, and the current price stands around $2.58. Tezos could advance even more in the ongoing bull market, but if Bitcoin enters the correction phase, that will negatively influence this crypto.

Fundamental analysis: Tezos has successfully implemented the “Delphi” upgrade in November

Tezos is an open-source platform for assets and applications which is designed to provide safety and code correctness. The main characteristic of this open-source platform includes smart-contract safety, long-term upgradability, and open participation.

To interact with the Tezos blockchain, you should use Tezos tokens (“tez”), and there are many wallets in which you can store and use Tez. Tezos tokens have the symbol XTZ, and according to some predictions, this coin can unseat Ethereum (ETH) as the top challenger to Bitcoin.

Tezos’ modular architecture allows the network to adopt new technological innovations without sacrificing community consensus. The Tezos blockchain has successfully implemented the “Delphi” upgrade in November, allowing developers to deploy more complex smart contracts and applications—such as DeFi.

“With the Delphi upgrade, the Tezos protocol has become significantly more attractive for DeFi applications and experimentation with complex smart contracts due to dramatically reduced gas costs,” said Gabriel Alfour, lead developer at Marigold.

Gas consumption has decreased by more than 70% with this upgrade, and additionally, storage costs are now four times lower. “When you combine upgrade regularity with the reduced gas costs that this particular upgrade brings, Tezos is ripe for DeFi development,” said Hugo Renaudin, co-founder of LGO Group and founder of Bender Labs.

It is important to say that gas on Tezos reflects the complexity of the operation, and the more complex the operation is, the more gas it consumes.

Tezos price has exploded since the beginning of January, and for now, there is no sign of the trend reversal. My opinion is that this is a very risky cryptocurrency, and if you decide to trade Tezos (XTZ), you should always use a “stop-loss” order.

Technical analysis: As long the price is above $2, there is no risk of the bear market

This coin has made a very big jump in a short-time period, and if you decide to invest in Tezos, you should have in mind that the price could also weaken in the upcoming days.

Data source: tradingview.com

The current resistance levels are $3, $3.5, and $4; $2 and $1.5 represent the current support levels. If the price jumps above $3, it would be a signal to trade Tezos (XTZ), and the next price target could be around $3.5 or even 4.

On the other side, if the price falls below $2, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

Tezos is an open-source platform for assets and applications which is designed to provide safety and code correctness. The Tezos blockchain has successfully implemented the “Delphi” upgrade in November, and according to some predictions, the Tezos coin has the ability to unseat Ethereum (ETH) as the top challenger to Bitcoin. If the price jumps above $3, it would be a signal to trade Tezos (XTZ), and the next price target could be around $3.5 or even 4.

The post Tezos (XTZ) price rises in January. Here are the next targets for buyers appeared first on Invezz.

Publication date: 
01/06/2021 - 23:48
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.