Tezos price continues to recover after the recent slump that saw most of the cryptocurrencies lose more than 40 per cent of their value. Since May 12, Tezos’ price has gained 35 per cent and is currently trading at $1.988. However, today’s trading session has reversed the gains made in the past few days. The crypto is already down by 6 per cent, and the prices are looking highly likely to continue with the downward move throughout the session.
Unlike other cryptocurrencies, Tezos drop has been very consistent throughout the year. Data such as its trading volume and Total Value Locked (TVL) have also been going down since the year started. For instance, the total trading volume of Tezos on January 1st 2022 was $257 million compared to today’s value of $97 million. The crypto also opened the year with $100 million TVL. However, the current TVL is $62 million, after the past few days of recovery.
Tezos Price prediction
Tezos struggle in the markets looks to be resuming, with today’s trading session showing a drop of 6 per cent. This is despite the past two weeks being aggressively bullish, and resulting in over 50 per cent price gains.
Looking at the chart below, we can see the prices have been trading aggressively bearish for months. Each time the prices moved aggressively bearish, a bearish flag was formed. The chart shows that the current recovery has been very similar to recent bearish flags. Therefore, it is likely that today’s push to the downside is a result of the bearish flag coming to an end.
Therefore, my Tezos price prediction expects the prices to continue falling in the next few trading sessions. There is also a high likelihood that we will see the prices trading below $1.800 price level. The current bearish trend, if it follows the historical price action we have seen before, is also likely to break the $1.471 support level to the downside.
However, should the price rise above today’s opening price of $2.13, then my bearish analysis will be invalidated. It will also mean there is a chance of Tezos continuing its recovery.