The first part of September has been brutal towards Tezos (XTZ) and the rest of the cryptocurrency market. The coin that represents the blockchain-enabled enterprise solutions built on the foundation of dApps and smart contracts decreased in value by 34% against USD in the past month; 25% against BTC, and also shrunk against ETH by 30%. But despite the recent turmoils, Tezos still remains in the green in terms of its ROI from the past year, as shown in the performance table below.
XTZ performance table
The bulls are keeping Tezos inside the rising channel
However, the bearish phase in the XTZ/USDT market was triggered not in September but in the middle of August when the bullish rally that began at $2.25 peaked at $4.5 (98% to the upside) and was followed by a steep correction that was only exacerbated by the flash sell.
1-week XTZ/USDT chart