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Tezos has seen a fall in the price despite a partnership with the google cloud - 2
Technical indicators of XTZ are favoring a downside trend. It has seen a drop of 3% in intraday session
Tezos is a decentralized blockchain network which enables smart contracts and decentralized applications to run securely and efficiently. It was founded by Arthur Breitman and Kathleen Breitman in 2014, and its mainnet was launched in 2018. Unlike other blockchain networks, Tezos uses a unique consensus mechanism called “Liquid Proof-of-Stake” (LPoS), which allows token holders to vote on proposed changes to the network and earn rewards for participating in the governance process.Tezos has its on-chain governance system, which allows token holders to vote on proposed protocol upgrades and changes. It ensures that the network remains flexible and adaptable to the needs of its users. Tezos has also been gaining popularity in the NFT space due to its low fees and energy-efficient blockchain network. Tezos has recently been in a partnership with the Google Clouds which has pushed the asset price to a high.
Tezos has a market cap of $1.1 Billion and is ranked 48th in the cryptoverse.Volume of the XTZ has seen a decline of 51% in the intraday session.Volume to the market cap ratio of XTZ suggests a consolidated trend in price.
Bulls Of XTZ Are Giving Up
The weekly technical chart of Tezos suggests a weak upside trend in price.On the daily chart it has formed a strong bearish candle which can push the asset price down. It is trading near the value of $1.22 with a drop of 6% in the intraday session. The upside trend of XTZ can see a halt near the value of $1.8.Meanwhile the asset price downside trend can see a bounceback near $1.If the asset price falls below $1 then a downside to a new low can be seen.It is trading above the value of 50 and 100 Daily Moving Average.There is a positive crossover which can push the asset price to a new high in the future.
RSI of the asset price is near 53 suggesting its presence in the neutral zone.There is a negative slope which can push the asset price to a new low.
Conclusion
Tezos has recently collaborated with the Google cloud which has pushed the asset price to a temporary high. It is currently forming bearish candles which can push the XTZ to a new low. Various analysts are expecting a strong growth in the future.
Technical Levels
Major Support:$1
Major Resistance:$1.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/25/tezos-price-prediction-will-the-downtrend-of-xtz-continue-below-1/