Tezos, the 33rd largest cryptocurrency, has a market cap of $4,096,619,974. Being pre-mined, the cryptocurrency has a circulating supply of 765,432,471 XTZ, which is equal to the maximum supply. $410,993,907 worth of XTZ have been traded in the last 24 hours. Before making any investment decision, you need to analyze crypto’s behavior. That’s why, we have compiled this Tezos price prediction for April 2021.
Tezos Price Prediction: Analysis
Tezos seems to be one of the cryptocurrencies that have had a good ride in 2021. XTZ has maintained a steady, albeit slow increase since the year began. The price has exceeded the 2018 high of $4.43 to reach a record high of $5.39. With this, the first quarter of 2021 has definitely been good for XTZ, but what does the future hold for it?
A look at the daily XTZ/USD chart confirms the generally upward trend. The 200MA serves as strong support far below the current price, which is a good sign of long-term bullishness. The 50 MA is also safely below the current price, which is a good sign. This shows that the price is growing at a healthy rate, and the momentum is good.
However, the Relative Strength Index (RSI) hit an overbought condition at 70.91 and has dropped to 60.71 currently. At this level, the RSI is still high and could be dropping further. Ideally, it should drop to an oversold level of 30 or less before the bulls kick in. Therefore, a further drop in price should be expected in the short-term, but the recovery can happen way before the RSI hits 30.
Here are key support and resistance levels for traders to watch, as calculated by Walletinvestor:
- Resistance Level (R3): 5.788;
- Resistance Level (R2): 5.521;
- Resistance Level (R1): 5.360;
- Pivot Point: 5.093;
- Support Level (S1): 4.932;
- Support Level (S2): 4.664;
- Support Level (S3): 4.503.
Tezos has taken a step to further its growth by investing in an incubation program with Draper Goren Holm. The fund is an early-stage blockchain fund which venture capitalist and crypto investor is a part of. Draper Geron Holm had raised $25 million to invest in fintech and blockchain startups around the world.
It is part of the raised funds that will be used for incubation and acceleration of startups built on Tezos blockchain. According to Alon Goren, founding partner of Draper Goren Holm, the uniqueness of the Tezos blockchain and its design will play a critical role in the long-term scaling of blockchain verticals.
Tim Draper has been a vocal supporter of Tezos since 2017. Also, it is worth noting that Draper Goren Holm has supported Tezos since 2020. It backed Tezos Technologies, leading to the creation of the first stablecoin-USDtez and now backs the Tezos NFT marketplace Kalamint. By this recent collaboration, Tezos will become an official limited partner of Draper Goren Holm for the development of the next generation of Tezos-based startups.
Tezos (XTZ) Price Prediction: Market Opinions
The following are market opinions on Tezos price prediction from different websites for April 2021.
XTZ could reach $6.134 within the next 14 days, according to Walletinvestor. The lowest price expected during this time is $4.939. The minimum price for any day during this period is $5.243.
|Date||Price||Min Price||Max Price|
Digitalcoinprice expects XTZ price to reach an average of $8.68 in April. According to their Tezos price prediction, it will show an increase of 69.06%. This will also be the highest price for any month in 2021.
Longforecast’s Tezos price prediction is that XTZ will reach a maximum price of $7.17 in April. The lowest price for the month is $4.62, while the asset is expected to close the month at $6.51. This will be a monthly increase of 34.8%.
30rates is one of the websites that is bullish on Tezos. They expect the price of XTZ to reach a maximum of $6.97 in April. This will also be the closing price for the month. It is worth mentioning that the minimum price will be $4.62. Below is Tezos price prediction for the rest of April 2021:
Tezos (XTZ) Price Prediction: Verdict
To sum up, Tezos is in a long-term bullish trend, and April seems to be one of the most promising months for the asset. With a strong price movement that could continue, as we can see in the price predictions of these top websites. The incubation and acceleration program could also significantly brighten the future of Tezos as an investment asset. However, you should do your own research before investing in it.
Featured image: newscryptocoin.com
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