Tezos is up by 7 percent in today’s trading session, marking a third consecutive day that prices are gaining in the market. Today’s price gains are also an extension of the latest price action that has seen Tezos price rise by 41 percent since May 12.
However, despite recent price gains, Tezos price is down by 52 percent since the year started. Although much of that drop has come in the last two months, the downward move this year is a continuation of a long-term bearish trend that started on October 4, when Tezos hit its all-time price high of $9.18. Since then, the prices have fallen by 80 percent.
Tezos has also experienced massive drops in its total value locked (TVL). In January, the platform boasted of having $257 million on its platform. However, today, the platform has a TVL of 58.84 showing consistency of how the prices have continuously dropped throughout the year.
Tezos Price Prediction
Tezos is currently on a strong bullish move. In today’s trading session, the cryptocurrency has gained 7 percent. The prices are also looking highly likely to continue with the rise, and it is likely we will see the prices close higher. Tezos has gained 14 percent of its value in the past three days. The crypto has also seen a more than 40 percent price gain since May 12.
Using the daily chart below, we can see the current long-term trend is bullish. The prices are also bouncing off from an ascending trend line. Therefore, my Tezos price prediction expects the prices to continue rising. As a result, there is a high likelihood of prices trading above the $2.5 price level in the next few trading sessions.
However, if the prices fall back to trade below the $1.95 price level, then my bullish analysis will be invalidated. It will also mean a possible price drop that will see prices fall below the ascending trend line.