Tezos Shoots for All-Time Highs After Joining Largest NFT Marketplace
Key Takeaways
- Tezos is the second blockchain platform after Ethereum to feature on NFT exchange platform OpenSea.
- XTZ has logged a positive breakout from bullish pattern, targeting all-time highs above $4.5.
- While the development activity is spiking in the Tezos ecosystem, the on-chain statistics indicate overpriced conditions.
Tezos NFTs will now be available on OpenSea—the largest online NFT marketplace that previously only supported Ethereum tokens. The recently launched FA2 standard on Tezos, similar to Ethereum’s ERC-1155 standard, has seen a growing interest from the community.
Tezos Joins OpenSea
NFT volumes have surged since mid-January, ranging over $4 million daily. OpenSea is the leading marketplace dominating the space with more than 30% volume share.
The OpenSea platform will list Tezos NFTs on its platform, with “plans to support for peer-to-peer trading soon after.”
According to the press release, the OpenSea team noted that the Tezos ecosystem attracts blockchain developers and product users “frustrated with the exorbitant fees on other blockchains.”
The development activity around Tezos also spiked recently with the launch of the FA2 token standard.
An Ethereum-Tezos bridge, Wrap Protocol, will be launched soon, allowing users to wrap ERC tokens with NFTs on Tezos. The development team, TQ Tezos, also announced a new NFT marketplace, OpenMinter.
Besides NFTs, the stablecoin environment continues to improve as well. Hoverlabs and Stably will finally issue their Kolibri and USDS stablecoins on Tezos later this month.
Bitcoin, Not NFTs, Lift XTZ Price
Tezos ecosystem’s native token XTZ surged 18.1% from the weekly opening, reaching a high of $3.9.
XTZ broke above the bullish ascending triangle pattern, turning the $3.3 resistance level to support. XTZ has reached 50% of the pattern’s target at $3.9 as it set sights on $4.5—a 25% increase from current levels.
Beyond $4.5, XTZ will enter into a price discovery phase with the all-time high as support targeting $6.3 and $9.2.
On a daily scale, the pattern is bullish as well. The price action closely resembles a cup and handle with a target of $4.3; the support for the move is at $3.1.
However, while the targets are locked, the relative strength index (RSI) that gauges the market’s momentum is edging close to the overbought territory on both the 4-hour and daily scale.
The on-chain statistics are, however, not as exhilarating. The total fees on the network, which is a measure of the network usage, is less than $300.
Ethereum and Cardano’s comparative fees are much higher at $32 million and $4,500, respectively.
The on-chain daily transactions volume is close to $100 million, the peak value for the metric on Tezos was attained during August 2020, around $115 million,
Thus, the token’s price seems to be benefiting from the Bitcoin bull run, more than any organic network growth. Nonetheless, as the ecosystem is going through a robust development phase, the combination of future expectations and the favorable price outlook looks promising for its price.
Disclosure: The author held Bitcoin at the time of press.
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