XTZDOWN price prediction: what happens next?

XTZDOWN went up more than 11,000,000% last week, but what’s the XTZDOWN price prediction?

XTZ coin logo                                 
The logo of the XTZ coin, on which XTZDOWN is based – Photo: Shutterstock
                                

XTZDOWN generated a lot of excitement last week after the token went up by more than 11,000,000% in the course of one day. It has gone from being seemingly obscure to a hot topic, so it’s worth taking a look at what it’s done and where it might go, as we see what analyst is making what XTZDOWN price prediction. It’s also worth trying to answer the questions “what is XTZDOWN coin?” and “how does XTZDOWN work?”

What is XTZDOWN coin?

XTZDOWN is a so-called Binance leveraged token. It allows people using the Binance exchange to short their position and gamble that particular crypto asset, in this case the Tezos, or XTZ token, will go down. XTZ itself is the native cryptocurrency of the Tezos blockchain.

The reason that XTZDOWN has done so well is that Binance announced in late August 2021 that it would be consolidating the token. This meant that, once the reverse split happened, 100,000 of the old XTZDOWN would be worth one new XTZDOWN. This generated interest in the token which, in turn, meant the price exploded before starting to fade away. This was normal and expected. However, it does leave the legacy of the token’s value being worth considerably more than it had been worth. As of 13 September 2021, 523,353.59 XTZDOWN tokens had been issued.

XTZDOWN price history: the early period

XTZDOWN price chart 1
XTZDOWN price chart, launch to present - Credit: Currency.com

While past performance is not a sure indicator of future results, it can be useful to take a look at what the crypto has done in the past when we look at an XTZdown price prediction.

The coin came on to the open markets in September 2020, and on 11 September that year it opened at $7.74. It reached an intraday high of $8.17 before retreating slightly and closing at $7.66. It had the same intraday high the following day before once again retreating to a lower point than the one it had opened at, this time closing at $7.34. The following day saw it reach an intraday low of $6.31 before closing up at $7.21, while 14 September had a high of $7.83, a low of $6.61 and a close of $7.22. 

While a contemporary short term XTZDOWN crypto price prediction might well have seen the price continue in a general downward spiral, there was a change of direction on the horizon. 15 September saw it break through the $8 barrier for the first time, with an intraday high of $8.13 and a closing price of a flat $8, harbingers of the near future. It hit a high of $9.38 intraday on 18 September and on 19 September it spent the entire day over $8, with an open of $8.92, a low of $8.89, a high of $9.85 and a close of $9.31. The token broke the $10 mark the very next day, closing at $10.52 after reaching a high of $11.22. Its initial bull run reached its zenith on 21 September, with XTZDOWN hitting a record level of $15.09 intraday before retreating to close at $14.10. 

Slowly, the price went down. Throughout the rest of September and October it pivoted around the $10 mark, sometimes up, sometimes down.  By November, though XTZDOWN had turned bearish, and an intraday high of $10.62 on 6 November was the last time the coin’s price would be in double figure dollars for quite some time. By December, it was hovering around $4. With the exception of a sudden spike of $8.13 intraday on 23 December, and it closed the year at $3.93. 

XTZDOWN price history: reduction and rebirth

While the early months of 2021 were a boom time for crypto, XTZDOWN coin was very much not invited to the party. In fact, the price fell below $1 for the first time on 16 January with an intraday low of $0.8734. Although there was some recovery, the intraday low of $1.02 on 27 January was the last time that it was above the dollar mark until September. Between 9 February’s intraday high of $0.6765 and 11 February’s intraday low of $0.2882 it lost more than 57% of its value and, on 12 February it was down to $0.1552. 

There would be more bad news for XTZDOWN coin and, while it hovered around the $0.1 mark for a while, it dropped below the 10 cent mark when it reached an intraday low of $0.08312 on 17 March. On 6 May it fell to below a cent when it reached an intraday low of $0.00606. While things might have started to look better, any hopes of immediate recovery were crushed when the great crypto day crash happened on 19 May. XTZDOWN fell from a high of $0.05256 to a low of $0.002972 in mere hours, a drop of nearly 95%. The coin stayed in the doldrums, reaching an all-time low of $0.0001283 on 29 August. Good times were ahead after the consolidation announcement, and when consolidation happened on 9 September, it rose to more than 100,000 times its previous value, rocketing from $0.0002382 to $27.13. The price quickly fell back to close $12.08 and moved down to finish 12 September at $5.39. The coin fell further the next day and was trading at around $5.03 at lunchtime on 13 September. However, this was still more than 20,000 times its price five days earlier.

XTZDOWN price chart 2
XTZDOWN price chart from August 1 2021 to present - Credit: Currency.com

XTZDOWN price predictions

What XTZDOWN coin price prediction is being made by analysts? WalletInvestor says that the price will fall back down to $0.000013 in a year’s time, implying that the consolidation was nothing more than a freak blip.

On the other hand, DigitalCoinPrice is a bit more bullish. It’s XTZDOWN price prediction for 2021 says the coin will get to $8.64 at the end of the year, while in September 2022, it says it should be to $6.82. A year from that is could get to $12.73 and 12 month on from that it could be $15.25. The site’s XTZDOWN price prediction for 2025 sees it reach $18.75 in September that year and 12 months after that it reaches $21.07. In September 2027, the site predicts XTZDOWN will drop to $20.41 before going back up a year later to $26.03.

Gov.capital is, however, super-bearish, indicating that it will lose all its value in November this year. 

FAQs

As of 13 September 2021, 523,353.59 XTZDOWN tokens have been issued.

It’s hard to say. Certainly there are some experts who think it will go up, but there are as many who think it will go back down. Whether it will depends on whether you view the post-consolidation rise in price as being, in effect, artificial. If you are going to invest, you will need to do your own research, remember that cryptocurrencies are highly volatile, that prices can go down as well as up, and never invest more money that you can afford to lose.

It might do, it might not. Keep in mind that its recent price rise was at least partially due to the reverse split and consolidation. You will also need to remember that forecasts are very often wrong.

You can buy XTZDOWN coin from a range of crypto exchanges. We don’t have it at currency.com yet, but we will let you know if and when we do.

Further reading: Crypto market update: Crypto market continues to tread water

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