Tezos price breaks below wedge as NFT selling creeps back
Tezos price continued its bearish trend on Wednesday even after some encouraging news about the ecosystem. XTZ plunged to a low of $0.97, which was the lowest point since November 30. This price is a few points above the year-to-date low of $0.910. In total, it has fallen by over 35% from its peak in November.
The return of Tezos NFTs
Tezos is a leading blockchain project that offers smart contract solutions for apps in decentralized finance (DeFi), Non-Fungible Tokens (NFT) and gaming among other fields. Some of the best gaming apps in the ecosystem are Tezotopia, Circuit Breaker, Pixel Potus, and Emergents.
Tezos is best known for its NFT products. The technology powers well-known teams such as Manchester United and RedBull Racing. This makes the brand popular among millions of fans worldwide.
Tezos price has fallen in recent days due to the broad performance of the crypto industry. In fact, most cryptocurrencies, including big names like BTC and ETH, have all retreated in recent days.
This decline occurred due to the strong US jobs numbers which signaled that the Federal Reserve will maintain its hawkish tone. The figures showed the economy added 283,000 jobs while the unemployment rate remained at 3.7%.
Find out how to buy Tezos.
The Tezos price has also crashed due to the ongoing crash of FTX and Alameda Research. Investors are afraid of the ongoing contagion in the crypto industry.
As a result, analysts and investors have overlooked the fact that Tezos’ NFTs are doing well. Total sales of Tezo’s NFTs rose to $1.79 million in November from $1.4 million in October. In September, sales were $1.33 million while in August, $659k worth of NFTs were traded. This is a sign that the trend is positive despite the challenges in the crypto industry.
Tezos price prediction
The four-hour chart shows that XTZ price has made a bearish breakout in recent days. This decline occurred after the coin made a rising wedge pattern which is shown in black. A rising wedge is usually a bearish sign.
Tezos price has crashed below all moving averages and is slightly above last month’s low of $0.909. The Relative Strength Index (RSI) moved below the neutral level. Therefore, the coin is likely to continue falling as sellers target last month’s low of $0.90. A move above the $1,004 resistance level will invalidate the bearish view.
