Tezos is one of the popular blockchain networks in the market. At the beginning of May, Tezos established an all-time high of $8.40 before retreating shortly after the market turmoil. Since then, the token was on a decline before it slowly picked up in June.
At the time of writing, Tezos is trading at $2.91 on major exchanges. The current price represents a 0.4% decline in 24 hours.
Tezos Price Analysis
At its current level, XTZ still has a long way to go before reaching May’s all-time highs. Its current price at $2.91 is a critical level for the token, and it needs support from the broader cryptocurrency market to reach $3. However, with the slight decline in the past 24 hours, such a jump will happen if there is strong support from the market.
If Tezos continues with its decline and pushes to $2.50 and lower, it will boost demand, as the new level will form an entry position for new traders. However, if the overall market remains bearish, an upswing might fail to register in the coming days, opening up investors to inevitable losses.
Besides market forces, Tezos’ technology is another factor giving XTZ value. One of the major developments for XTZ last month was its partnership with McLaren. The racing company announced it would be working with Tezos towards creating an NFT. Tezos will benefit from the project because its branding will be used by Formula 1 and IndyCar drivers. This will boost the global popularity of Tezos and the XTZ token.
In addition, Tezos blockchain has also been selected by Center, the project behind the USDC stablecoin as an issuer of the USDC. USDC is a stablecoin created through a partnership with Center and Coinbase. In the coming months, the issuance will be conducted, and the token might see increased value and demand.
The proof of chain consensus for the Tezos blockchain and its energy efficiency boosts the demand for the token and its popularity.
Where to Buy XTZ
For those who want to purchase XTZ tokens, you can check at a reputable cryptocurrency exchange platform such as eToro. eToro is one of the largest exchanges with high trading volumes, giving liquidity to users. Moreover, eToro charges low trading fees and features to help beginners increase their chances of making profits.
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