Tezos XTZ Overview: Tezos and its token XTZ went on a wild ride last week as its price crashed over 60% by Saturday and then recovered over 33% by the end of Sunday’s trading session. These all happened after the launch of its Beta-Net beginning of July. During its crash, it was one of the few cryptos to drop in top 20 in a rather bullish general market sentiment across the board.
Here’s a little bit about Tezos. It’s a distributed, peer-to-peer, permissionless network, whose system is based on smart contracts similar to Ethereum (ETH). According to their website, it aims to formalize the blockchain governance by enabling stakeholders to efficiently govern the protocol and implement future innovations. Tezos XTZ is not minable and uses proof-of-stake (PoS) instead.
After its ICO back in July 1st, 2017, it has been in the midst of a number of scandals. Those include a fight between the young husband-and-wife team who founded Tezos and the Swiss foundation. The foundation was actually supposed to help the company build an ambitious new software platform. But they caused problems instead. Multiple lawsuits and regulatory interference by the SEC also halted its progress during the year.
After all this, it appears that Tezos has put its past behind and is looking to move forward. One major victory for the cryptocurrency is finally being ranked on the market cap list. Prior to last week ranking sites had not been able to find enough information on the actual coin circulation. It is currently ranked 19th on CoinMarketCap.com.
Thorough price action analysis is still not possible as the token is not yet listed on TradingView.com. However, looking at its line chart, it does appear though that XTZ’s price may have bottomed out after last week’s drops towards the key support level of $1.40.
At the time of writing it is aiming to cross above the $2.30 resistance level and reach the median resistance at around $4.00.
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