Tezos price started the day on a positive note on Friday, gaining 1.16% to trade at $5.93. Tezos has on a downtrend since 4th October, and lost about 17% of its value over the past month. This has created a bearish sentiment around the token at a time when the crypto market is doing well. On Wednesday, XTZ registered a 24-hour low of $5.31, which is the lowest level since September 23rd. Going forward, Tezos has a steep hill to climb to reverse its losses.
Meanwhile, Tezos has been making moves geared towards establishing it as a carbon-neutral blockchain. In addition to its carbon-neutral NFT marketplace launched in March, the company has now partnered with University of Cambridge. The partnership will see Tezos host Cambridge Centre for Carbon Credits, a decentralized carbon credits marketplace.
The project aims at making funding for restoration and conservation projects more efficient and cost-effective. Such projects form a good foundation for Tezos’ long-term growth. As the world becomes increasingly receptive to the so-called “green” projects, more investors are inclined towards putting their money in carbon-neutral projects.
Tezos price momentum has been weakening over the past two weeks. The RSI has fallen from 47 to 40, signaling that the market is likely to remain bearish. In addition, the 20-EMA (green line) has recently crossed under the 50-EMA (red line), strengthening bearish sentiment. If the bears keep control, they are likely to pull the price down to the first support at $5.44. If they breach that point, the next support could come at $4.50.