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Tezos is down 63% against ATH

 


Tezos price has lost momentum over the past few months as the fear and greed index declines in the market. XTZ, its native token, is trading at $3.5, which is about 63% below its 2021 high. Its market cap has dropped to around $2.9 billion, making it the 46th largest coin in the world.


Tezos under pressure

Tezos is one of the oldest blockchain projects in the world. It's a project designed to evolve as the industry grows. Today, its ecosystem consists of apps across industries such as decentralized finance (DEFI), non-fungible tokens (NFT), and even the metaverse.


Tezos has become known for its NFT projects. For example, last week the network inked a $27 million deal with Manchester University, one of the most famous soccer teams in the world.


As part of the sponsorship, Tezos will see its logo on Manchester United jerseys and other media publications. The goal is to enable more people to know about its ecosystem and possibly buy the XTZ token. Additionally, the deal sees the team using the Tezos blockchain to create its NFTs.


Tezos has previously made several esports investments. Most notable is the sponsorship of RedBull, one of the top performing Formula 1 teams. It has also partnered with MacLaren Racing, another legendary team in Formula 1.


Tezos has also seen its ecosystem grow over the past few months. Some of the leading apps built using its network include BazaarNFT, Beacon, CTez, and FlameDefi, among others.


However, the biggest challenge for Tezos is that its industry is becoming more competitive. Today there are dozens of Ethereum killers that have better speeds than Tezos. This explains why its ranking among cryptocurrencies has slipped.


Tezos Price Prediction



The daily chart shows that the XTZ price has fallen sharply over the past few months. A death cross has even formed, which is what happens when the 200-day and 50-day moving averages intersect. Oscillators such as the Relative Strength Index (RSI) and MACD are also down.


Therefore, there are chances that Tezos price will continue to fall in the coming weeks. In that case, the next key support to watch is $2.50, this month's lowest.

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