Tezos

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126178/333178/screenshot-2023-10-09-205105.jpg" srcset="https://cimg.co/news/126178/333178/responsive-images/screenshot-2023-10-09-205105___media_library_original_1790_721.jpg 1790w, https://cimg.co/news/126178/333178/responsive-images/screenshot-2023-10-09-205105___media_library_original_1200_483.jpg 1200w, https://cimg.co/news/126178/333178/responsive-images/screenshot-2023-10-09-205105___media_library_original_900_363.jpg 900w, https://cimg.co/news/126178/333178/responsive-images/screenshot-2023-10-09-205105___media_library_original_720_290.jpg 720w, https://cimg.co/news/126178/333178/responsive-images/screenshot-2023-10-09-205105___media_library_original_600_242.jpg 600w, https://cimg.co/news/126178/333178/responsive-images/screenshot-2023-10-09-205105___media_library_original_300_121.jpg 300w" width="1790" class="content-img" alt=""><figcaption>XTZ Chart / Source: Adobe</figcaption></figure>Tezos (XTZ), the cryptocurrency that powers the Tezos layer-1 blockchain protocol, has pumped over 11% on Monday.XTZ was last trading around $0.72 per token, having rallied as high as $0.746 earlier in the session to test its 100-day Moving Average, after enjoying a strong bounce from support in the mid-$0.60s on Sunday.<a href="https://cryptonews.com/tags/tezos/">Tezos</a> markets itself as a blockchain that is designed to address key barriers facing the adoption of blockchains for the trading of assets and use of decentralized applications.There doesn&rsquo;t appear to have been any one fundamental catalyst behind Monday&rsquo;s upside.Rather, technicals could explain the move.<a href="https://cryptonews.com/coins/tezos/">XTZ</a> appeared to break an important trendline dating all the way back to late 2021 on Monday, which could have potentially triggered some technical buying.<figure class="image"><img src="https://cimg.co/news/126178/333177/xtz.jpg" srcset="https://cimg.co/news/126178/333177/responsive-images/xtz___media_library_original_1790_721.jpg 1790w, https://cimg.co/news/126178/333177/responsive-images/xtz___media_library_original_1200_483.jpg 1200w, https://cimg.co/news/126178/333177/responsive-images/xtz___media_library_original_900_363.jpg 900w, https://cimg.co/news/126178/333177/responsive-images/xtz___media_library_original_720_290.jpg 720w, https://cimg.co/news/126178/333177/responsive-images/xtz___media_library_original_600_242.jpg 600w, https://cimg.co/news/126178/333177/responsive-images/xtz___media_library_original_300_121.jpg 300w" width="1790" class="content-img" alt=""></figure>When an asset breaks out of a long-standing downtrend like this, its often a sign its long bear market has come to an end, although it doesn&rsquo;t necessarily mean the start of an aggressive new bull market.<h2 id="strong-price-prediction-where-next-for-tezos-xtz-strong">Price Prediction &ndash; Where Next For Tezos (XTZ)?</h2>Before the bulls declare victory and that XTZ has found a near-term bottom, XTZ needs to also break above its 100DMA and clear the way for a retest of its 200DMA at $0.85.A break above the 200DMA would then be required for the bulls to really become confident that the bear market is over.If XTZ can achieve this, a quick retest of the psychologically important $1 level could be on the cards, which would mark a rally of around 40% from current levels.However, bulls should remain cautious, as near-term upside is far from a guarantee.Firstly, macro headwinds remain strong &ndash; markets were gripped by risk-off on Monday thanks to geopolitical concerns amid the escalating Israel/Palestine conflict, but the main headwind is that the US economy continues to outperform expectations, pushing back the potential date for the start of a US interest rate cutting cycle.<figure class="image"><img src="https://cimg.co/news/126178/333179/xtz-defillama.jpg" srcset="https://cimg.co/news/126178/333179/responsive-images/xtz-defillama___media_library_original_852_387.jpg 852w, https://cimg.co/news/126178/333179/responsive-images/xtz-defillama___media_library_original_720_327.jpg 720w, https://cimg.co/news/126178/333179/responsive-images/xtz-defillama___media_library_original_600_273.jpg 600w, https://cimg.co/news/126178/333179/responsive-images/xtz-defillama___media_library_original_300_136.jpg 300w" width="852" class="content-img" alt=""></figure>Secondly, the Tezos blockchain doesn&rsquo;t appear to be thriving &ndash; its trade value locked (TVL) in smart contracts has stagnated now for months, as per <a href="https://defillama.com/chain/Tezos">DeFi Llama</a>, and its monthly transaction numbers continue to deteriorate, as per <a href="https://tzstats.com/activity#activations">TZStats</a>.<figure class="image"><img src="https://cimg.co/news/126178/333180/transaction-volume.jpg" srcset="https://cimg.co/news/126178/333180/responsive-images/transaction-volume___media_library_original_451_253.jpg 451w, https://cimg.co/news/126178/333180/responsive-images/transaction-volume___media_library_original_300_168.jpg 300w" width="451" class="content-img" alt=""></figure><h2 id="strong-tezos-xtz-alternatives-to-consider-strong">Tezos (XTZ) Alternatives to Consider</h2>XTZ could well pump in the near future, but its outlook is marred by downside risks.For those looking for a better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.This is where investors buy the tokens of up-start crypto projects to help fund their development.These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.If an investor can identify such projects, the risk/reward of their presale investment is very good.The team at Cryptonews spends a lot of time combing through presale projects to help investors out.Here is a list of 15 of what the project deems as the best crypto presales of 2023.<a href="https://cryptonews.com/news/new-cryptocurrency.htm">See the 15 Cryptocurrencies</a>Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Tezos Price Prediction as XTZ Pumps 11.5% - Here’s Where the Crypto Is Headed Next

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