31/10/2022 Tezos Price Prediction as NFT NFT volume crawls back
Tezos price has made a strong recovery in the past few days as investors focus on its vibrant NFT ecosystem. XTZ jumped to a high of $1.50 in October, which was about 18% about 18% above the lowest level during the month.
Tezos NFT ecosystem is growing
Tezos is a leading blockchain project that aims to be a viable alternative to mainstream projects like Ethereum and Solana.
It has several features that the developers hope will help it become a top project. For example, it has a self-amendment capability that allows it to upgrade itself without having to fork the network into two. It also has on-chain governance features, allows decentralized innovation, and has smart contracts and formal verification.
Tezos is wll-known for its affiliation with some of the leading teams in the world. For example, it has a partnership deal with teams like Manchester United, Red Bull Racing, and McClaren.
These relationships have made its ecosystem have substantial growth, especially in the NFT industry. Some of the top applications in Tezos are Acurast, akaSwap, Arago, and Gap Threads among others.
Learn more abouthow to buy Tezos.
Unlike Ethereum, Tezos has struggled to gain market share in the DeFi industry. According to DeFi Llama, Tezos has a total value locked (TVL) of more than $53 million. This TVL is mostly made up of Youves, which has a dominance of 78.23%.
Instead, Tezos has gained a market share in the NFT space. Recentdataby CryptoSlam shows that its NFT volume has started rising in the past few months. In October, total NFT sales in its ecosystem rose to $1.35 million from Septemberâs $1.33 million. The number of unique buyers rose from 7.7k to 8.3k.
NFT sales in its ecosystem have risen in the past four straight months even though they remain below their peak of $9.8 million in October last year.
Tezos price prediction
The four-hour chart shows that the XTZ price has been in a bullish trend in the past few days. As it rose, the coin managed to move above the upper side of the descending channel shown in green. The coin has managed to move above the 38.2% Fibonacci Retracement level.
Tezos has moved above the 25-day and 50-day moving averages. Therefore, the coin will likely continue rising as bulls target the 61.8% retracement level at $1.57, which is about 8% above the current level.
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