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Tezos (XTZ) Price Prediction as NFT Sales Slump to 2021 Lows

Tezos price has made a slow recovery in the past few days as investors react to the recent ecosystem growth and developments in the network. XTZ, its native coin, rose to a high of $1.16, the highest level since March 24. In all, Tezos has jumped by ~21% from its lowest level in March.

Latest XTZ news

Tezos developers have been working hard in the past few months to revive the network and make it more competitive at a time when competition is rising. The most recent Tezos news was the launch of the Mumbai upgrade in March.

Mumbai brought in several features that are pivotal to the network. For example, Tezos introduced smart rollups activation, zk rollups, pipelining activation, and tickets improvements. The most important improvement in this upgrade is that the average block time dropped from 30 seconds to 15 seconds. In a statement, a developer said:

The other important Tezos news was the launch of Emergents TCG, a game in its ecosystem. By using Tezos, users are able to save their progress and transactions in an on-chain format, which enables them to access it at any time. Emergent has received some good reviews recently.

Read more: How to buy Tezos.

Meanwhile, Tezos decentralized finance (DeFi) ecosystem has been doing well. Data compiled by DeFi Llama shows that the total value locked (TVL) in the ecosystem stands at $62.3 million, which is much lower than its all-time high.

However, in XTZ terms, the TVL has jumped to X$54.77 million, which is a few points below its all-time high of X60 million. Youves and Tezos Liquidity Baking are the two biggest dApps in its DeFi ecosystem.

A key challenge for Tezos is that its NFT platform is not doing well. As shown below, the total sales in March dropped to just $266k, the lowest level since August 2021. In April, these sales totaled just $40k.

Tezos price prediction

The 4H chart shows that the XTZ price has drifted higher in the past few days. It has managed to move above the 25-day and 50-day moving averages. It also moved to the upper side of the descending trendline shown in orange.

The MACD and the Relative Strength Index (RSI) have drifted upwards. Therefore, the coin will likely continue rising as bulls target the key resistance at $1.269, the highest point on March 18.

Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.

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