Tezos has been striving to dominate the DeFi marketplace, especially the non-fungible token (NFT) space. The latest efforts towards the goal saw the crypto’s Israel division introducing a new way of minting & authenticating NFT collections via transferring them from the origin wallet.

Unfortunately, these developments did not affect the altcoin. While publishing this post, XTZ struggled to climb beyond a two-month-long resistance.

Tezos’ New Struggle

XTZ changed hands at $1.83, witnessing a slow but steady recovery. Generally, market players presume non-volatile price actions from the coin without massive resistance. However, the case was different for XTZ as resistance prevented the alt from climbing above the $2 level over the past two weeks.

Though it inched toward overcoming the resistance, a 4.85% slide within the past few days saw the altcoin surrendering again. Moreover, success chances within the coming few days remain bleak.

The red candlestick formation 48 hours ago saw the MACD executing a bearish cross. Remember, the moving average convergence divergence maintained consistent bullishness for nearly three weeks.

Moreover, the signal line crossing beyond the indicator line also printed red bars on the indicator. That shows XTZ will likely maintain this trend unless overall bullish sentiment appears.
The market is yet to see bullish cues, with most alternative tokens closing in the red within the past three days. That has seen the mark losing about $30 billion.

Moreover, XTZ secures support from the 50-day SMA (Simple Moving Average) and 100-daySMA. The altcoin gained this foothold after closing beyond the ten-month-long downside line.

Tezos can lure new market players into the platform with these indications. Also, the asset’s risk-adjusted returns remain impressive at the moment.

However, volatility absence will remain a challenge forward. Generally, high volatility isn’t healthy for crypto, but some volatility is essential to trigger rallies. Otherwise, the altcoin will fail to climb past $2.

The cryptocurrency market struggles to maintain gains seen over the past day, following retracements in the past 24hrs. Bitcoin shows weakness at $24K, as BTC lost 1.20% within the past 24 hours to $23,805.

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