Tezos (XTZ) price extended its correction from the record highs. Here are the next targets

Tezos (XTZ) has advanced from $4.7 above $7.5 this April, and the current price stands around $5.20.

Fundamental analysis: Ethereum tokens will be available on Tezos

Tezos is an open-source platform for assets and applications which is designed to provide safety and code correctness. This platform is supported by a global community of validators, researchers, and builders, and to interact with it, you should use Tezos tokens.

Tezos has successfully implemented the "Delphi" upgrade, and its modular architecture allows new technological innovations without sacrificing community consensus. Tezos allows developers to deploy more complex applications, and according to the latest news, Ethereum tokens will now be available on Tezos, thanks to a new development by Bender Labs.

"ERC-20 and ERC-721 tokens from the Ethereum blockchain can now be transferred into the Tezos blockchain as FA2 tokens. We're building a self-driving bank for an open financial system because we believe that financial markets should be open, transparent, unstoppable, and rely mostly on lines of codes rather than intermediaries.," said Bender Labs CEO Hugo Renaudin.

Hugo Renaudin also said that when we combine smart-contract safety, long-term upgradability, and reduced gas costs, Tezos is ripe for DeFi development. Current DeFi ecosystems have high gas fees, and Tezos has become significantly more attractive for DeFi applications due to dramatically reduced gas costs.

In February, Grayscale Investments has announced that it has Tezos (XTZ) on its investment list, and the liquidity of this coin has risen dramatically since then.

Tezos (XTZ) has extended its correction from the record highs registered in the third week of April and technically looking, the price of this cryptocurrency could fall even more in the upcoming days. The cryptocurrency market is advancing this trading week, Bitcoin has stabilized above the $54000 level, but investors should have in mind that the risk of another decline is still not over.

If Bitcoin enters the correction phase, that will negatively influence this crypto, and if you decide to trade Tezos (XTZ) this May, you should always use a "stop-loss" order because the risk remains high.

Technical analysis: Tezos extended its correction from the record highs

Tezos price extended its correction from the record highs above $7.50, registered on 17th April, the risk of another decline is still not over.

Tezos (XTZ) is currently trading around the $5.20 level, but if the price jumps again above $6 resistance, it would be a signal to buy Tezos (XTZ). The next price target could be around $6.5 or even $7; still, if the price falls below $4 support, it would be a strong "sell" signal.

Summary

Tezos (XTZ) has extended its correction from the record highs registered in the third week of April and technically looking, the price of this cryptocurrency could fall even more in the upcoming days. Tezos is currently trading around the $5.20 level, but if the price falls below the $4 support, it would be a strong "sell" signal.