The Tezos price did relatively well in 2021. The price rose by about 160% in 2021, bringing its total market capitalization to more than $4.52 billion. It is trading at $5, which is about 45% below the highest level in 2021.
Tezos 2021 review
2021 was a relatively good year for Tezos, the self-amending blockchain platform. The number of transactions within the network jumped sharply while the developers inked deals with a number of key companies.
The most well-known partnership was with RedBull Formula 1 team. That partnership was notable since RedBull’s Max Verstappen went to win the championship in 2021. The team is also using Tezos network to build its non-fungible token (NFT) projects.
Tezos also gained Ubisoft, the French game maker behind popular names like Assassin’s Creed and Tom Clancy’s. The company will use its network to build quality NFTs. It also partnered with Entrepreneur First. McLaren also joined the ecosystem.
The most important development is that Tezos members voted for the Hangzhou upgrade. Named for a Chinese city, the new upgrade will have a number of key things. For example, it introduced views, timelock, cache, global table of constants, and liquidity baking. Hangzhou was the seventh upgrade in the network’s ecosystem.
The Tezos ecosystem also grew well in 2021 as the number of total contract calls jumped to more than 33 million. The calls grew to more than 5.5 million in December.
2022 will be a good year for Tezos as the network is expected to launch Tenderbake. This is a major upgrade to the consensus algorithm, bringing fast deterministic finality to the Tezos protocol. For example, it will reduce the minimum number of tokens required to be selected as a validator from 8,000 to 6,000 Tezos.
Tezos price forecast
The daily chart shows that the XTZ price formed a cup and handle pattern in 2021. The C&P pattern is usually a bullish signal. The coin moved to the key resistance level at $8.40. It is now forming the handle section. It has also moved slightly above the 25-day and 50-day moving averages and the descending channel shown in red. The MACD has also moved slightly above the neutral level.
Therefore, there is a likelihood that the Tezos price will likely keep rising as bulls target the 2021 high of $8.40. This view will be invalidated if the price falls below $3.70.
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