Tezos is among the few gainers in the crypto space, given that the majority of the market is trading in the red zone. The coin has managed to go to higher levels, and while it is still far from making an all-time high, it has managed to create new monthly highs. Tezos’ performance in the past 24 hours has aroused buyer interest, as it is among the few still trading in the green zone.
XTZ is trading at$4.62 at the time of writing after a 9.1% gain in 24 hours.
Tezos Price Analysis
The surge experienced by tezos in the past 24 hours has been one of the most significant since market bulls started. The coin is currently showing strong signs of recovery from previous lows, with most of these gains being attributed to buying support.
Further price action could push XTZ towards new highs of $4.64 and $4.66. A rally towards $5 is also possible, given that the current price is a retreat from what XTZ was trading at during an early intraday session in the past 24 hours. The highest price that XTZ has achieved so far is $5.31, and the current retreat was attributed to selling pressure.
The overall market sentiment is bearish; hence if buyers fail to support XTZ’s price action, the coin could retreat to the lower support of $4.50. It will eliminate most of the bullish gains made in the past 24 hours if it goes below this level.
The recent surge in XTZ prices could be attributed to the growing adoption of the Tezos blockchain. Tezos was selected by InCore Bank, a Swiss B2B banking enterprise, to launch digital financial products based on the blockchain. The collaboration, which also involved Crypto Finance AG and Inacta, will develop a Tezos token standard used for asset tokenization.
This adoption shed a positive light on the Tezos blockchain and could be among the reasons why the token is making gains despite the rest of the market trading in the red zone in the past 24 hours.
Where to Buy XTZ
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