Tezos is an open-source, decentralized blockchain network for self-governance. It allows faster peer-to-peer transactions, and users can create and develop assets, smart contracts, and applications. XTZ is the native cryptocurrency of this blockchain, and it uses a proof of stake consensus mechanism, which consumes less energy than the PoW mechanism.
On this network, users stake XTZ to verify code and data. It aims to become the fastest blockchain in the world, which can process around 1 million transactions per second.
If financial giants such as Visa and MasterCard start to use blockchain for payment processing on the network, Tezos could be the first choice to make their business run faster and better. Music NFTs have played a vital role in the last few months because many artists launched their NFTs on the Tezos blockchain.
Many artists use Tezos for their music NFTs. They also focus on this network’s partnerships, sponsorships, and advertising deals. Tezos is the blockchain partner of McLaren and Red Bull Racing, and they are taking a long-term approach to market share.
These are the main reasons behind the popularity of Tezos. New tech upgrades, projects, and sponsorship deals make it an appealing choice for investors. It is available at a lower price range. Many experts also believe it is underappreciated, considering its future growth and prospective return. Follow our XTZ news section to get the latest update on the Tezos.
At the time of writing this analysis, XTZ/USD is trading around $1.78. The daily chart has been forming higher highs and higher lows. Currently, it is trading just above the baseline of the Bollinger Band. It is the ideal time for short-term investment because MACD and RSI are bullish. The short-term target price would be $2.
MACD and RSI are bullish on the weekly chart, but candlesticks are still in the lower half of the BB. We think it is the ideal time for a short-term investment, and you should invest for the long term when it crosses the level of $2.5.
