Tezos Price Prediction as XTZ Becomes Best Performer – Can XTZ Reach $10?
The Tezos price has witnessed a turbulent 24 hours, rising as high as $0.722733 before dropping 7% to its current level of $0.669953.
This represents a negligible 0.2% gain in a week and a 2% rise in the past fortnight, with the altcoin static in the last 30 days and down by 50% in the last 12 months.
Yet a surge in XTZ’s 24-hour trading volume – which rose to $152 million in the early hours of the morning – would suggest that the coin’s market is picking up, and that it could enjoy further price gains soon.
Tezos Price Prediction as XTZ Becomes Best Performer – Can XTZ Reach $10?
Despite the surge of the past 24 hours, XTZ remains in a mixed position as far as its technicals are concerned, which is perhaps not surprising when it has already fell back down to its previous price level.
The coin’s relative strength index (purple) remains stuck at around 50, a level which is entirely consistent with further gains or further falls.
Yet XTZ’s 30-day exponential moving average (yellow) would imply that rallies are overdue, given that this average remains far, far below the corresponding 200-day average (blue), a gap which signals overselling.
One encouraging detail is the fact that, despite dropping down after last night’s brief rally, XTZ hasn’t dropped below its support level (green), which continues to rise steadily.
This would imply that XTZ’s earlier long/medium-term decline has bottomed out and that the coin is ready to rise again, with last night’s move apparently the result of an increase in volume on South Korea-based exchange Upbit.
🚨#Tezos soared 7.5% overnight, whizzing past the majority of the #Crypto market📈
— Satoshi Talks (@Satoshi_Talks) October 10, 2023
The positive price action can be attributed to a surge in volume on South Korean exchanges like #UpBit, as well as hefty #liquidations🚀
The 24-hour trading volume for $XTZ reached $122.8M🤯 pic.twitter.com/Ixguci06TG
However, nothing interesting of note has been happening with Tezos on a fundamental level, implying that it’s hard to predict when the altcoin will witnessed a sustained and consistent price rise.
Tezos did admittedly mark the release yesterday of some official Manchester United NFTs, something which may have also helped trigger last night’s spike.
LAST CALL👀Claim your FREE Collect United reward while you still can!
— Tezos (@tezos) October 10, 2023
Don’t miss it…👀https://t.co/4PJDt7VbwJ
Get your free limited edition collectible and grow your collection for the chance to win…
🎟️VIP matchday tickets
✍️SIGNED kits
⚽Watch @ManUtdWomen train…
Yet in terms of substantial adoption and usage news, there isn’t much to write home about, with Tezos having a total value locked in of only $51 million, amounting to 0.25% of Ethereum’s TVL (currently at $19.825 billion).
This suggests that Tezos remains a fairly minor layer-one blockchain, and with Ethereum, Solana, Tron and BNB Chain remaining dominant in the market, it may be a long time before it can gain serious traction.
Still, XTZ is due to rebound sooner or later, so the coin can be expected to reach $0.85 by the final month of the year.
New High-Potential Presale Tokens
While XTZ could end the year with a significant rally, its arguably slight fundamentals could make any jump modest by comparison with certain other coins.
For this reason, many traders may prefer to look at newer alts that could potentially witness their initial surges in the next few weeks, with presale coins being one way of locking in gains.
One of the most promising presale tokens in the market right now is Meme Kombat (MK), an Ethereum-based platform that enables users to bet on the outcomes of AI-generated meme character battles.
I know we're in kombat, but can I get a gm today? ☀️#MemeKombat pic.twitter.com/aUchjLImNI
— Meme Kombat (@Meme_Kombat) October 11, 2023
Meme Kombat’s presale has already raised more than $450,000 to date, despite the fact that this sale opened only a few weeks ago.
This provides some indication of just how popular the platform could become once it launches, with investors clearly attracted by Meme Kombat’s unique offering.
What’s interesting about Meme Kombat’s platform is that players will be able to bet against each other on the outcome of the aforementioned meme battles, which will be randomly determined by the platform’s AI algorithms.
Winning users will receive native token MK as their rewards for betting correctly on outcomes, with the ERC-20 token set to have a hard cap of 120 million tokens.
50% of this supply has been reserved for the presale, with another 30% allocated to staking and battle rewards, making MK a relatively decentralized token.
New buyers can join its presale by going to Meme Kombat’s official website, with 1 MK costing $0.1667 for the entire offering.
👀 If you have bought in the presale already, you will end up with 10x more tokens than you originally purchased. This will not change the USD value of tokens purchased.
— Meme Kombat (@Meme_Kombat) October 10, 2023
🚀 The new token price is now 0.1667 per $MK Token
✅ You do not need to do anything
So….
Once the sale ends, MK will then list on a variery of trading platforms, something which could see its price rise much higher in a short space of time.
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.
