Tezos price is up by 11 per cent in today’s trading session. The price gain follows a streak of two days that had seen Tezos prices dropping by 30 per cent.
Since October 3, 2021, Tezos has lost 80 per cent of its value. However, the recent events seem to have accelerated the drop in price. After reports started emerging, one of the largest stable coins in the cryptocurrency market had become de-pegged. The result was a lot of cryptocurrency investors sold their digital assets to avoid losing their portfolios.
Despite being in a long-term bearish trend, the platform has made significant steps in introducing itself to potential new users. This has included partnering with Manchester United as their Sponsor. Although the partnership was done in February, the coming months will see the platform getting more featured in training kits and official club jerseys. There is a high likelihood of the partnership starting to pay off for the cryptocurrency. This is likely to see Tezos prices starting to go up.
The past few days have been rough for Tezos. However, today’s trading session has seen it start to recover. The prices are up by 11 per cent and are looking very likely that the current bullish trend is likely to continue.
One of the reasons for the recovery is due to the current industry-wide cryptocurrency recovery. I expect it to continue pushing the prices upwards. As a result, we might likely see Tezos trading above $2 in the next few trading sessions. If the current price movement is a trend reversal, I expect the prices to hit the recent resistance level of $2.8.
However, if the price reverses and drops to below $1.6, today’s market open price, my analysis will be invalidated. The current push to the upside will also mean it was not a trend reversal but rather a bearish flag. The move will also mark the resumption of the bearish trend.
This post was last modified on May 13, 2022, 16:46 BST 16:46