Tezos Price Down By 14.14% – Time to Buy XTZ Coin?
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The Tezos blockchain has been on a tear in the past week. However, the broader crypto market sell-offs have seen the Ethereum rival lose some steam. Meanwhile, this still presents an opportunity to buy XTZ for a bargain.
The self-billed ‘green’ blockchain has seen major partnerships from legacy-based institutions ranging from gaming giants to entertainment services.
With this, Tezos is seeing its protocol utilised for real-world challenges. Given this, we will explore the technical and fundamental strength of the blockchain and determine if this is a great time to buy XTZ.
XTZ Struggling Against The Bears
In November, the crypto market caught some major tailwinds, with premier crypto top dog Bitcoin hitting an all-time high (ATH) of $69,044.77. The nascent industry broke the $2.5 trillion market value resistance line and raked in as much as $2.92 trillion in recorded value.
However, December has been more tamed, with BTC dipping 30.5% from its previous high at today’s current price of $47,806.
The Tezos blockchain has largely been an outlier digital asset as the Ethereum killer rose 37% on December 7, hitting a high of $5.48 after waltzing in the $4 region two months prior.
At press time, XTZ is trading at $4.594, down 14.14% from a broader market correction. This sees the protocol control a market share of 0.18% as the proof-of-stake (PoS) platform occupies the 41st position on the global crypto ranking.
The market valuation of Tezos is also trailing in the red zone as XTZ has dipped 13.86% in the past day and now sits just north of $4 billion. The 24-hour trading volume is also struggling as XTZ is down 57.27%, with $468.3 million traded so far.
Meanwhile, the decentralised applications (dApps) facilitator has not been bearish all year. XTZ has risen 38.04% in the past six months and has seen a record year-to-date (YTD) increase of 127.78%.
The asset’s 12-month trailing increase sits at 120.29%, showing growing confidence among investors that the project will pull through the bearish winter.
With the crypto market expected to see more mainstream adoption in the coming year, this might be a great time to buy XTZ and tap into the booming ecosystem.
XTZ Technical And Fundamental Analysis
In the short term, XTZ is trading in the negative, as the digital asset is below the 20-day moving average (MA) support price of $5.008.
On the 200-day MA, XTZ is also trading below the indicator price of $4.684; however, this is expected to change in the coming days as the crypto market turns a corner.
The 14-day relative strength index (RSI) figure of 45.39 shows that Tezos is trading in the underbought region. However, this presents a unique opportunity to buy XTZ and rise with the market.
The potential for a bullish correction is reflected in the moving average convergence and divergence (MACD), which shows the green trendline rising above its orange counterpart, pointing to a buy signal.
Tezos has been making strides in the fundamental aspect, which is why we believe investors are out to buy XTZ.
In a December 7 tweet, makers of top franchises Assassin Creed and Prince of Persia, Ubisoft announced the launch of its Ubisoft Quartz platform on the Tezos blockchain.
According to the gaming company, Quartz will enable players to buy and win in-game items minted as Tezos non-fungible tokens (NFTs).
In addition, the Tezos blockchain successfully launched the Hangzhou upgrade. The highly-amenable blockchain will now enable new entry points, timelock, and several other minor improvements as the protocol works to become a top spot for decentralised finance (DeFi) services.
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