Tezos Price Insight: XTZ Bracing for 40% Increase?

Join Our Telegram channel to stay up to date on breaking news coverage

Tezos XTZ has recorded slight gains in the last 24 hours. Its trading price at 5;27 am EST is $0.796, indicating a 0.2% price gain in the past 24 hours. Also, its 7-day profits stand at 0.2%. The intelligent contract blockchain asset shows signs of a sideways trend.

Tezos Trading Rules and Rollups Could Improve Adoption

In Baking Sheet edition 162, Tezos talked about the attacks on four trading pools on Curve Finance. The report revealed that the attackers drained the pools of their digital tokens leading to losses between $1.6 million and $14.2 million.

As a result of an issue in Vyper compiler in versions 0.2.15-0.3.0, following pools were hacked:

crv/eth
aleth/eth
mseth/eth
peth/eth

Another pool potentially affected is arbitrum’s tricrypto. Auditors and Vyper devs could not find a profitable exploit, but please exit that one

— Curve Finance (@CurveFinance) July 31, 2023

The attackers used a complex system that involved borrowing and returning many tokens from their target pool, causing a system malfunction. According to co-founder of Tezos Arthur Breitman, the trading rules on platforms like Curve Finance open them up to these attacks.

He noted that on Tezos, the rules for trading limit other rules from functioning during a transaction. Instead, a transaction is fully processed, and a list of messages is sent to other contracts. Although it doesn’t eliminate the risks of attacks, it reduces it significantly.

The Baking Sheet also contained information about adding rollups, a scaling solution fully decentralized and customizable to fit developers’ specific needs.

Some of the features these rollups provide include reduced operational costs, data storage, and interoperability. These rollups could attract more users to the ecosystem and eventually boost XTZ’s price.

Fx (Hash) Dominates Tezos Headlines

The fx (hash) is the hottest topic in the Tezos ecosystem. It is an open and freely available generative art platform that seeks to empower its users to express their artistic capacity.

Fx (hash) announced a $5 million funding on August 8. According to the developers, this seed funding round enables the team and community to aim higher and achieve better goals. They hope to become the top generative art hub.

Also, the Tezos Foundation stated that the openness of fx(hash) created a vibrant community with 30,000 art projects and 40,000 unique collectors.

They expressed excitement about the prospects of the projects and their relevance in the digital art landscape. Fx (hash) is undoubtedly driving progress in the Tezos community and is likely behind the slight gains in XTZ’s price in the last 7-days.

XTZ Price Analysis

On the daily chart, XTZ/USD shows a sideways trend translating to limited trading activity. It has persisted since August 7, showing traders’ indecision and a potentially tricky trade setup with no clear definition of price direction.

However, the $0.800 support level prevented further price decline and could be a pivot point to send XTZ’s price above the $0.841 resistance level.

XTZ is trading below its 50-day and 200-day Simple Moving Averages (SMA) on the daily chart, implying that the bears will likely seize control and force it below the support zone.

Its Relative Strength Index (RSI) value is 45.30 in the neutral zone and moving sideways. It mirrors the sideways trend for the asset and potential price stagnation if the trading volume fails to rise.

Also, the Moving Average Convergence/Divergence (MACD) is below its signal line, expressing a short-term bearish sentiment.

The conflicting indicators hint at a choppy market and price volatility for the asset in the coming days. Traders should exercise caution in trading volatile markets.

yPredict Is The Answer To Market Volatility

Crypto trading comes with risks since the market is highly volatile. However, yPredict offers traders practical solutions to trade effectively and make a profit by harnessing the power of Artificial Intelligence (AI).

yPredict offers users access to exciting features that simplify trading, such as AI signals and sentimental analysis. The AI intelligence tool conducts reliable technical research on assets and can recognize over 25 unique trading chart patterns.

Also, there is a marketplace where developers carefully selected can efficiently market their predictive models. The only requirement to enjoy these features is to hold YPRED tokens presently on presale.

YPED Presale

In a Twitter post on August 9, the YPRED token story was fully unraveled. YPRED has a maximum supply of 100 million tokens, with 80 million up for grabs in the presale.

The developers hold no tokens and view the tokens as tools for community building and engagement. Also, these tokens are critical to the decentralized governance model on the platform achieved through staking for users to earn rewards.

🔍 Unraveling Token Allocations & Project Commitment: The #yPredict Insight 💡🚀

Diving into the dynamic world of blockchain and crypto, yPredict's unique tokenomics and ethos recently took the spotlight. Let's navigate through this captivating journey! 🧵

🔑 The Token Story:… pic.twitter.com/9CfnT5BpDT

— yPredict.ai (@yPredict_ai) August 9, 2023

The Presales are advancing rapidly, with over $3.44 million realized from the target of $34.58 million, showing rising investors’ interest.

1 YPRED token is worth $0.1 at this stage (stage 7), with the subsequent price increase moving the price to $0.11, representing an 11.11% paper gain for stage 1 investors. There is limited time before YPRED lists at $0.12, and investors should act fast and purchase the tokens with ETH, BNB, MATIC, or bank cards.