Tezos Price Up By 2.90% – Time To Buy XTZ Coin?

Tezos blockchain network has managed to swim against the tide in recent days, boosting the confidence of investors to buy XTZ.

The momentum has been building for Tezos, and the digital asset looks on course to establish a new resistance level.

The asset known for scalability, low transaction fees, high-security standards, and a self-amending nature is trading in the green despite large-cap digital assets losing steam.

Tezos Bullish In a Broader Bear Market

The crypto market has largely remained bearish, having dropped 3.70% to cap at $2.16 trillion in the last 24 hours.

However, Tezos, the highly scalable, self-amending proof-of-stake (PoS) blockchain protocol, has been steadily rising and is trading at $4.4, up 2.90% in the last 24 hours. On the weekly margins, XTZ has gained 5.12% in the last 7 days.

Tezos has climbed 119.42% year-to-date (YTD), showing an outstanding 97.79% in the past 12 months.

The 41-ranked digital asset with a market dominance of 0.18% has a market cap of over $3.8 billion, up 2.90% in the last 24 hours.

The trading volume of the utility token stands at $392.5 million, up 170.3% in the last day, indicating that investors are in a rush to buy XTZ.

Tezos raced to an all-time high (ATH) of $9.12 on Oct 4 before going on a downward spiral, losing 50.9% in the process. However, should Tezos maintain this rally, we might just be seeing a new peg price being set.

Tezos Technical And Fundamental Analysis

Although XTZ is on a great run, the digital asset is trading below the 20-day moving average (MA) support price of $4.766. Similarly, the 200-day MA price of $4.688 shows that Tezos is battling a bearish wave.

The relative strength index (RSI) of 44.51 depicts that Tezos is trading in the underbought region. This figure reflects a good entry point for investors to buy XTZ and rise with the market.

The moving average convergence divergence (MACD) has the orange indicator trendline just above the green indicator, signalling a faint sell order.

On fundamentals, the asset has been forging strategic partnerships. Tezos, one of the leading smart contracts Proof of Stake blockchains, also recently announced Hangzhou, the latest Tezos upgrade, which is now fundamental on its network. Hangzhou has introduced numerous minor improvements and substantive changes to the protocol.

Tezos has also partnered with a French video game manufacturer, Ubisoft Entertainment. According to Ubisoft, the platform will enhance specific games with playable and energy-efficient non-fungible token (NFT) assets.

Didier Genevois, the blockchain technical director at Ubisoft, explained that Tezos was chosen because of its original proof-of-stake network and its leadership on clean NFTs.

He further added that a single transaction on the Tezos network uses the same energy as streaming 30 seconds of video. With all of these innovations and developments ongoing on the Tezos network, this is, without doubt, a good opportunity to buy XTZ.

In another report, a non-fungible token (NFT) platform built on the Tezos blockchain OneOf will be launching the first digital collectible NFTs to commemorate the 64th, 65th, and 66th Grammy Awards. This event is following a strategic deal with the Recording Academy.

To further boost the mainstream adoption of NFTs, leading secondary digital collectible marketplace Rarible is planning on facilitating a multi-chain NFT future for the burgeoning ecosystem.

The project expected in the first half of 2022 will see the Tezos blockchain integrate with Flow exchange on the Rarible platform.

In another development, ShuttleOne – a Metachain solution aimed at addressing the fragmentation issues in the crypto industry is launching its SZO token on Tezos.

In a press release, the firm said the onboarding on the Tezos ecosystem would bring world-class, award-winning Plug N Play DeFi products to the Tezos community.

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