Tezos Price Forecast: Tezos and Cardano rival for the tenth spot as Bitcoin leads consolidation

• Tezos unseats Cardano from the tenth position amid widespread consolidation in the market.
• The future of XTZ at the tenth spot remains in danger owing to the upcoming ADA Shelly network upgrade.

Tezos (XTZ), a cryptocurrency focused on security and longevity is one of the best-performing tokens in the market in 2020. Moreover, a glance at its performance in 2019 reveals that XTZ has had a steady growth pattern taking into account the general market picture, for instance, the COVID-19 pandemic triggered crash in March this year.  Tezos website introduces the cryptocurrency as “an open-source platform for assets and applications backed by a global community of validators, researchers, and builders.”

In the last 24 hours, XTZ has thinned by approximately 1%. It is trading at $2.88 following a 0.46% loss in the last one hour according to the data by CoinMarketCap. There was a brief rally last week that pulled XTZ above $3.00. A monthly high was formed $3.14, marking the end of the breakout. The trading in the last seven days has remained drab, culminating in consolidation above the short term support at $2.75 (50-day SMA). Another breakout above $3.00 after the consolidation could make a run for $4.00 hurdle in a bid to beat the current yearly high at $3.94.

Bitcoin, the largest cryptocurrency by market capitalization continues to trade sideways under $10,000. Support has been established at $9,600. BTC is left to play within a $300 window and $9,900 has become impenetrable. Consolidation within the window could last longer before a breakout above $10,000 comes into play.

Tezos is currently holding the tenth position on the market as seen on CoinMarketCap. The battle between it and Cardano (ADA) for the top ten spot has not relented for over two weeks now. XTZ has a market cap of $2.1 billion. It has managed to unseat ADA with a current market cap of $2.0 billion. However, this battle seems far from over as Cardano could attract investors in the coming weeks due to the upcoming Shelly network upgrade.

XTZ/USD daily chart