Tezos has lost 30 per cent of its value from April’s price highs. In today’s trading session, the cryptocurrency is down by one per cent and looking more likely to continue with the downward trend throughout the session. Tezo’s price drop in the last few days is not the only concern today. Based on data from CoinMarketCap, the cryptocurrency has also lost over 35 per cent in trading volume, bringing the total volume to $64 million. Such a drop, in many instances, can result in a price drop.
The drop also comes amidst the announcement that the high-performance Tezos could carry out over 1,000 transactions per second with Octez v13 activated. The announcement indicates the innovativeness of the platform and how it is pushing the cryptocurrency barriers. Furthermore, according to a blog on Tezo’s main forum Agora, it was indicated that their engineers had started the rollout of Octez v13 in March, and the project was showing very positive results.
If true, such a development is likely to see growth in the platform’s userbase. The platform will also be able to compete with other cryptocurrencies, such as Ethereum, which is also working on rolling out its Merge technology which will be faster, scalable, and more environmentally friendly.
The Tezos platform has also deployed a Tenderbake upgrade on its consensus algorithm to lower block times and improve performance in recent weeks. Although the upgrade has not translated to market prices, these developments will play a significant role in ensuring Tezos maintains its edge in the cryptocurrency industry.
Tezos Price Prediction
The daily chart below shows a solid bearish move that has resulted in a 30 per cent drop from the April price highs. The chart also shows today’s trading session being bearish and continuing the bearish trade after a slight recovery during yesterday’s closing hours. Using the chart, the prices are likely to continue falling from their current $2.87 to $2.55 support level. It is also likely that the prices may drop further down to hit the lower trendline of the descending channel Tezos is currently trading within.