Tezos Price Has Been Punched in the Face. What Next?

The Tezos price has dropped in the past three days as the recent momentum faded. The XTZ price is trading at $4.60, which is about 24% below the highest level this week. Its total market capitalization has retreated to about more than $4 billion. 

Tezos price popped sharply early this week as investors reflected on some positive news about the platform. Early this week, Ubisoft announced that it was launching Ubisoft Quartz. This is a platform that will incorporate non-fungible tokens (NFT) into mainstream gaming. In a statement, the company’s blockchain lead said:

“Between the uniqueness of each item, materialized by the serial number engraved on them, and the higher control offered to players to use their Digits or trade them with others in a safe and secure environment.”

The Tezos price is falling as investors decide to take profit. Also, the momentum of cryptocurrencies has declined, with Bitcoin, Ethereum, and Ripple have all declined.

Tezos price prediction

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

Therefore, I suspect that the XTZ price will keep falling as bears target the key support at about $4. This view will be invalidated if the price retests the weekly high of about $5.50.

Tezos Price