Tezos [XZT] Although the downturn in the market for digital collectibles as a whole, NFTs have maintained their outstanding performance. According to Messari, the third quarter (Q3) of 2022 marked the sixth consecutive quarter in which Tezos shown exceptional performance.
In fact, NFTs traders utilizing the Tezoz blockchain pushed the period’s sales volume to an all-time high of over $80,000. In addition, another intriguing fact was that fewer traders were engaged during this volume increase.
However, a recent Tezos trend indicated a decline in interest in non-fungible assets on the blockchain. At time of publication, the total volume of NFT trades was $151,000.
This was a significant fall from the volume’s peak on September 29 when it reached $5.64 million. This meant there was a potential that XTZ’s $0.948 price would not equal its performance during the previous six quarters.
What is the current price of XTZ?
Despite the fact that Tezos maintained a Quarter-on-Quarter (QoQ) increase in NFT, this was not the case for XTZ. According to CoinMarketCap, XTZ’s value dropped 15.65% over the previous thirty days. In the last twenty-four hours, it has likewise failed to improve, mirroring the broader market drop.
The four-hour XTZ/USD chart revealed that there was almost no short-term rebound. The locations reported by the Moving Average Convergence Divergence (MACD) led to this conclusion . In addition, at the time of writing, the momentum of both buyers (blue) and sellers (orange) was below the zero-histogram line.
In addition, sellers appeared to have greater control than purchasers. As a result, XTZ may lose more of its current value, as the momentum is bearish. Moreover, the Awesome Oscillator (AO) indicated a similar condition at 0.024. Due to the fact that the AO was also below zero, XTZ’s edge was bearish.
Confidence abounds, and fear has vanished
With the continued price decrease, XTZ investors appeared optimistic. The community’s emotions demonstrated this fact. According to Santiment, the ratio of positive to negative sentiment for XTZ was 2.125 to 1.875.
Therefore, this suggested that investors held an optimistic outlook on XTZ. This status was also reflected in its improved social dominance of 0.298%. This position meant that Tezos was a significant topic of conversation and search volume.
Thus, regardless of the price, XTZ may still have a high probability of large accumulation.
