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Is Tezos a good buy opportunity in July 2021?

By:
on Jun 23, 2021
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  • Tezos extended its correction from the record highs above $8.4, registered on 07th May
  • Tezos has partnered with F1 team Mclaren Racing
  • Tezos has reached over one million contract calls this month

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Tezos XTZ/USD remains under pressure; the price of this cryptocurrency fell from $8.405 to $2.12 since 07th May 2021, and the current price stands around $2.60.

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Fundamental analysis: Tezos has partnered with F1 team Mclaren Racing

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Tezos is an open-source platform for assets and applications, and the main characteristic of this platform are smart-contract safety, long-term upgradability, and open participation. Tezos addresses key barriers facing blockchain adoption to date, and it can adopt new technological innovations without sacrificing community consensus.

Tezos allows developers to deploy more complex applications while it also becomes significantly more attractive for DeFi applications due to dramatically reduced gas costs.

In Tezos, all stakeholders may participate in upgrades and help to secure the network. Tezos tokens have the symbol XTZ and to interact with this blockchain, you should use Tezos tokens.

Tezos has experienced tremendous growth in its user activity this year, and it is important to say that some estimates say that Tezos tokens can unseat Ethereum (ETH) as the top challenger to Bitcoin. More sophisticated dapps, millions of contract calls, and better tooling further accelerate user and developer interest.

This June, Tezos has reached over one million contract calls, and this number is expected to increase in the upcoming months. According to the latest news, Tezos has partnered with F1 team Mclaren Racing, and the partnership will bring the Tezos logo across Mclaren cars.

“We are excited to welcome Tezos, the world’s most advanced blockchain, as our Official Technical Partner. McLaren will use the energy-efficient and upgradeable Tezos network to create a series of non-fungible tokens (NFT) across F1, INDYCAR, and esports,” said Lindsey Eckhouse, director of licensing, e-commerce and esports at McLaren Racing.

Fundamentally looking, Tezos has a big potential; the popularity of this project is rising across the globe, but there is still a level of uncertainty. Technically looking, Tezos extended its correction from the record highs above $8.4, registered on 07th May, and the price of this cryptocurrency can weaken even more in the upcoming days.

Technical analysis: Bears remain in control of the price action

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The whole cryptocurrency market is pressured by the fall of Bitcoin, and if you decide to buy this cryptocurrency in July 2021, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The critical support level is $2; $3 and $4 represent the important resistance levels. If the price falls below $2, it would be a firm “sell” signal, and we have the open way to $1.5 or even below.

On the other side, if the price jumps above $3, the next price target could be around $4.

Summary

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Tezos remains under pressure, and probably it is not the best moment for investing in this cryptocurrency. The critical support level stands at $2, and if the price breaks it, the next target could be around $1.5 or below.

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