Tezos Coin: XTZ Coin in the Grip of Bears, But for How Long?

• 1 Tezos coin’s ICO success was short-lived due to a public feud.
• 2 The bears are having the control of the XRZ coin price
• 3 The Cryptocurrency is trading in a sideways zone

Tezos is a blockchain network with advanced protocols designed to enable various functionalities. Its primary purpose is to support the development of decentralized applications (DApps) and the coding of smart contracts.

The Tezos community comprises researchers, developers, validators, and various support groups, all to expand the Tezos ecosystem. It is an open-source and decentralized network for assets and applications.

Management Complications in Tezos

Unfortunately, Tezos’ ICO success was short-lived due to a public feud. This quarrel was between Johann Gevers, the President of Tezos Foundation at that time, and the Breitmans.

The disagreement arose from a contract dispute, which resulted in Gevers refusing to disburse funds to the Tezos ecosystem. This issue caused investors to lose faith in the project, leading to XTZ’s temporary drop in value.

The Liquid PoS consensus mechanism upgrades the delegates’ proof-of-stake systems in alternative blockchains like EOS and NEO. In a DPoS, the community votes on who will function as a delegated node, and these nodes add transactions to the blockchain and approve blocks.

Tezos currently has an LPoS mechanism that is exclusive to the platform. It has proven successful, with an approximately 80% stake rate spread across 450 validators and 13,000 delegators, making it one of the most decentralized blockchains in the sector.

The number of delegators allowed depends on the bond size minimum requirement. Currently, this limit allows up to around 70,000 delegators.

Technical Analysis & Prediction of XTZ Coin Price

XTZ/USD chart by TradingView (15-minute time frame)

At the press time, the XTZ coin price is trading at the level of $0.901. The technical price analysis indicates a significant drop in the price levels due to the downward price breakout.

The coin is currently trading below the resistance level, indicating a bearish trend throughout the day. The resistance levels for the XTZ bulls are at the level of $0.906 and $0.938.

Similarly, the support can be taken at the levels of $0.877 and $0.862. If there is no positive news to create buying pressure, the price could continue to fall in the upcoming sessions. There is no indication of bullish momentum, and the bears appear to be in full control

Conclusion

Tezos is a blockchain with advanced protocols, but its ICO success was short-lived due to a public feud. The current price is in a sideways trend with no significant bullish strength.

Technical Levels

• Support Levels: $0.877 and $0.862
• Resistance Levels: $0.906 and $0.938

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.

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