Key Takeaways:
- XTZ prices jumped nearly 29% in just six days, outperforming the crypto market.
- The took cues from news of Tether's USDT launching on Tezos.
NEW DELHI (CoinChapter.com) — Tezos blockchain’s native cryptocurrency, XTZ, outperformed the rest of the crypto market as it jumped by 28.5% from Jun 4’s low of $1.84 to reach an intraday high of $2.37 on Jun 10.
However, the Tezos token later corrected as bears moved in to profit from XTZ’s recent uptrend. As a result, the smart contracts platform’s native token has been trading below a descending trendline since early Oct 2021.
If the bears continue their sell-off, XTZ prices could fall to the support from its 20-day exponential moving average (20-day EMA, red wave) near $2.05. Moreover, a breach below the 20-day EMA might lead to more sell-offs, resulting in XTZ testing support near $1.8.
Also Read: Tezos (XTZ) eyes a 20% uptrend based on bullish technicals; what’s next?
Finally, a sustained downtrend could push XTZ prices to $1.5, which previously supported XTZ price action between Mar 14, 2020, and Apr 1, 2020. Meanwhile, the momentum oscillator MACD continues to forecast a strengthening upward momentum for the XTZ token.
Additionally, positive bars on the MACD histogram have been expanding, indicating that the MACD line (difference between 12-day and 26-day EMA) is moving away from the MACD signal line (9-day EMA of MACD).
Bulls might help XTZ break above its 50-day EMA (purple wave) to target immediate resistance near $2.31. Moreover, a breakout and consolidation above immediate resistance might help Tezos prices challenge resistance from their 100-day EMA (blue wave) near $2.7.
Finally, a sustained uptrend might help XTZ prices challenge the resistance confluence between 200-day EMA (green wave) and the multi-month descending trendline near $3.2.
Tether Launches USDT On Tezos
XTZ’s latest price action comes at the heels of Tether launching its stablecoin USDT on Tezos. USDT is currently the industry’s leading stablecoin by market cap. Including Tezos, USDT is now available on 12 blockchain networks, including Ethereum (ETH), Solana (SOL), and Algorand (ALG).
Tezos has been making steady strides in the DeFi sector. Tezos ecosystem includes yield farming protocol Youves, decentralized exchange and EVM bridge Plenty, and AMM Vortex, among others. Alessandro De Carli, the Papers founder, stated that USDT would help expand Tezos’ DeFi capabilities.
Also Read: Chainlink might jump 200% in Q3 if this bullish pattern holds.
We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,
Paolo Ardoino, CTO at Tether, said in the press release.
In detail, XTZ backs the Tezos blockchain, a network that integrates new features without needing hard forks.
At the time of writing, XTZ was trading at $2.17, down 2.3% on the day.
