Tezos is at Support Offering 30% ProfitTezos (XTZ) just hit its all-time high at $4.48 last week. It now stands at support, which was the high during its last bull run in February this year.
Let’s take a look at Tezos and its likely forecast.
What is Tezos and How Does it Work?
Tezos is a platform designed to provide code correctness and safety for both its assets and use cases. The platform’s smart contract language facilitates formal verification, which is a methodology commonly used in mission-critical environments such as the electric power systems, aerospace, and nuclear industries.
Tezos's architecture and upgrade mechanism allow the network to propose and adopt new technological innovations as they emerge. This capability enables the protocol to remain up to date regarding innovations without sacrificing community consensus.
All stakeholders may participate in network upgrades by evaluating, proposing, or approving changes. Additionally, stakeholders can help to secure the network (via delegating or baking) and avoid being diluted by inflation.
Tezos is thus a multi-purpose platform that supports decentralized applications (DApps) and smart contracts. It is similar to Ethereum in nature, and similar to Ethereum, it has an unlimited supply.
Tezos (XTZ) on the Chart
Last week, XTZ hit its all-time high at $4.48 and currently stands at support. The price may fall further at the support of $3.33-3.15, as displayed by the green rectangle on the chart. If a position is opened just before that support level and closed just below the resistance at $4.3, then it offers an opportunity of around 30% profit.
It is impossible to predict all price movements of a coin or any asset in general. Therefore, professional traders always recommend having a stop loss in place at a level where you feel comfortable.
