Tezos (XTZ) Its price has increased by 35% in the last 24 hours, reaching its current price of $ 5.54. This rise comes after developments that followed news of a deal with Ubisoft that went viral on social media on Tuesday. These news supported XTZ, jumping 51% on Tuesday to rebound from the $3.87 support level to $5.83.
This upside supported the bulls who are now determined to push XTZ price above the $7 area.
Ubisoft Deal Supports Tezos Price Rally
As before, available XTZ The price rally is bolstered by the announcement of a key partnership with video game maker Ubisoft. The gaming company is launching a platform where users can acquire unique NFTs called Digits that can be used in-game, and the platform will use the Tezos blockchain. Ubisoft Quartzis releasing the . The Tezos team confirmed in a tweet that Ubisoft Quartz will be built on Tezos.
.@Ubisoft Quartz is built on @Tezos, an energy-efficient and self-upgradable Proof of Stake blockchain.
Learn more at https://t.co/MzfgmL4IrX#Tezos #CleanNFT #BlockchainEvolved https://t.co/XlSEZeVlmM
— Tezos (@tezos) December 7, 2021
Games based on blockchain platforms gained massive momentum in 2021, and Tezos’ partnership with one of the world’s largest video game manufacturers could lead to a long-term rally for the XTZ coin.
That being the case, Tezos price made you forget the big drops experienced last week, with a price of 50% to $5.8.
XTZ/USD Daily Chart
If Tezos price rises above the immediate resistance at $5,816, it is likely to move up to mark the psychological level of $7.00.
We would like to remind you that the Parabolic SAR has turned from negative to positive and the price has dropped below which indicates that the XTZ market momentum is now bullish.
Also, the MACD has just issued a “buy signal” on the daily chart. This happened today when the 26-day Exponential Moving Average (EMA) (blue line) broke above the 26-day EMA (orange), highlighting the bullish narrative.
On the other hand, failure to climb above the $5,813 resistance could see Tezos price drop to the 200-day SMA at $4.67, where it could take a breather before continuing the rally.
Therefore, XTZ traders are advised to wait for a close above $5.8 for a bullish break or a close below $4.6706 for confirmation of a downtrend.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.