Tezos (XTZ) price plunges for the 9th consecutive week as bearish sentiment surrounds the smart contract cryptocurrency. An analysis of the chart on a daily timeframe also reveals the price has been making a series of lower highs and lower lows since July 2023. The smart contract coin is changing hands at $0.656 on Friday, down 0.61% till press time.
Altcoins, along with Tezos, suffered a correction in their price after Bitcoin failed to break above $27,500 earlier this week. The largest cryptocurrency by market capitalization is currently sitting at $26,590, up 0.13% till press time. XTZ is only likely to face any upside if Bitcoin shows a strong recovery in its price.
Tezos Blockchain Gets Nairobi Upgrade
Back in June, the developers at Tezos launched the 14th upgrade on the network called “Nairobi”. This upgrade introduced a fee mechanism that charged fees depending on the network usage of the user. However, Tezos network activity continued to decline over the next few months. Over 2.9 million transactions occurred on the blockchain in September, as compared to 4.1 million in August.
XTZ Is Down 55% YTD
Currently, Tezos price is down 55% from its yearly peak of $1.483. According to Coingecko, the total market capitalization of Tezos is $621 million, with 950 million coins circulating in the market. A total volume of $12 million was traded in the last 24 hours.
Tezos Price Technical Analysis
The daily chart for XTZ shows the price forming a falling wedge pattern. A deeper analysis also shows that it has broken below the major support level of $0.72 and is consolidating 9.14% below that level. The price also sits 26% below the 200 MA, contributing to a bearish outlook for the smart contract cryptocurrency.
In the chart below, I have also mentioned a key level of $0.35, which represents an all-time low for Tezos. The bears are expected to target $0.35, provided the current bearish momentum sustains. However, this Tezos price prediction will be invalidated if the price finds strength above the $0.72 level on the daily timeframe.