XTZ Still Down Despite Rarible’s Recent Tezos Integration

The cryptocurrency winter is affecting the prices of numerous cryptocurrencies despite numerous positive developments within the space. The losses have seen the crypto market lose hundreds of billions of dollars over the past few weeks.

Rarible Integrates Tezos Blockchain on its Platform

Rarible, one of the leading NFT marketplaces in the world, has integrated the proof-of-stake blockchain Tezos to its platform earlier this week. This latest development is a huge one for Tezos as it implies that Rarible will feature Tezos NFTs on its marketplace.

The integration also means that Rarible will support secondary sales of live Tezos projects and enable users to mint low-fee NFTs. Rarible has already integrated the Ethereum and Flow blockchains, with Rarible’s integration now the third of its kind.

Rarible CEO Alexei Falin said, “Rarible firmly believes that the future of NFTs is cross-chain, and that interoperability is the key to a streamlined, successful NFT ecosystem. We have seen many alternative blockchains gain traction in the NFT space for their unique offerings, specifically Tezos for its low costs and energy-efficient minting process through proof-of-stake validation.”

Alongside OpenSea, Rarible is one of the top NFT marketplaces in the world. The team is increasing its efforts to build a multi-chain platform to consolidate the NFT space. Rarible is looking to integrate the Solana and Polygon blockchains next.

XTZ has Underperformed in Recent Weeks

XTZ, the native token of the Tezos blockchain, has underperformed in recent weeks. The Rarible announcement wasn’t enough to bring the coin out of its recent bearish trend. The bearish performance is shared by the broader cryptocurrency market.

At press time, XTZ is trading at $4.23, down by more than 7% over the last 24 hours. In the past three months, XTZ has lost more than 30% of its value. XTZ’s technical indicators also show that the coin is underperforming at the moment.

XTZ is trading below its 100-day moving average of $6.04. The MACD line has been below the neutral zone for the past two months and could stay in the negative region for a while longer. Furthermore, the RSI of 39 shows that XTZ is currently facing selling pressure from the market.

If the current market condition persists, then XTZ could lose the major support level at $4 over the next few hours.