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Tezos Price was slapped in the face. What now?

Tezos price has fallen in the past three days as recent momentum has waned. The XTZ price is trading at $ 4.60, which is about 24% off this week’s high. Total market capitalization has dropped to more than $ 4 billion.

Tezos price rose sharply earlier this week as investors pondered some positive news about the platform. Earlier this week, Ubisoft announced the release of Ubisoft Quartz. This is a platform that integrates non-fungible tokens (NFT) into mainstream gaming. In a statement, the company’s blockchain chief said:

“Between the uniqueness of each item, materialized by the serial number engraved on it, and the greater control that players are given to use their digits or to swap them with others in a safe environment.”

Tezos price drops as investors decide to take profits. Cryptocurrency momentum has also weakened, with Bitcoin, Ethereum and Ripple all declining.

Tezos price prediction

The daily chart shows that the Tezos price has been under pressure in the past few weeks. The price has fallen by about 50% from its high in October. A double-top pattern also formed at around $ 8.45. It is also slightly below the 50% Fibonacci retracement level.

Hence, I suspect that the XTZ price will continue to fall as the bears target key support at around $ 4. This view will be void if the price retests the weekly high of around $ 5.50.

See also

Tezos Prize

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