• Tezos (XTZ) price is down 2% this past week as cryptocurrencies struggle for direction.
• Network metrics suggest a resurgence in activity after recent upgrades – which could catalyse upside momentum.
• XTZ trades near $0.80 and risks declines to $0.65 if bears take control.
Tezos Price Overview
Tezos (XTZ) price is down 2% this past week as cryptocurrencies struggle for direction, trading near $0.80 and risking declines to $0.65 if bears take control.
Network Metrics Suggest Uptrend Potential
According to data shared by crypto market intelligence platform Messari, Tezos has seen reduced activity since Q4, 2022 with account-related metrics such as active accounts declining by 20%. However, Messari points out that the network’s recent upgrades of Mumbai and Nairobi could catalyse fresh network growth, with features including an up to 8x increase in TPS and new functionality for Smart Rollups added through Nairobi upgrade.
The price of Tezos‘ native token has largely fluctuated between $0.65 and $1.2 since November 2022 but with a breakdown below $1 in recent weeks, it looks like bears could aim for the range lows again.
Risks & Considerations
The developments on the network may not be enough to bring bulls back into the fray, especially if obstacles related to infrastructure or other technical issues persist from previous upgrades that have yet to be addressed properly by developers on the network or exchanges listing XTZ tokens need more time before they can push prices higher again .
In conclusion, Tezos’ positive developments could help drive further network growth but likely won’t be enough to prevent a decline towards its range lows should bearish sentiment remain strong across cryptos markets in general