Here is why Tezos rallied by over 15% in 24 hours
The cryptocurrency market has partially recovered from last week’s dip, and the coins are performing better than before.
The broader cryptocurrency is recovering from the dip that affected the global financial markets last week. Bitcoin is trading just below the $57k level while Ether has bounced back and looks set to surge past the $4,200 mark soon.
However, one of the best performing cryptocurrencies is Tezos. XTZ has been up by more than 15% over the past few hours, outperforming the other leading cryptocurrencies in the process. The rally was due to Tezos’s integration with NFTrade.
NFTrade is a project that wants to bring the nonfungible token (NFT) space closer by creating a cross-chain NFT marketplace. The project wants to make it easy for users to move NFTs across numerous marketplaces such as OpenSea, Axie Infinity and Rarible.
The project has decided to use the Tezos blockchain for the cross-chain feature, resulting in the XTZ coin rallying over the past few hours. The NFT space has become a multi-billion dollar market, and it is expected to grow even bigger over the coming months and years.
Hence, Tezos playing a crucial role in making it easier to move assets across the industry will make XTZ even more valuable.
Key levels to watch
The XTZ/USD 4-hour chart is one of the bullish cryptocurrency charts in the space at the moment. The MACD line has crossed the neutral zone and is in the bullish territory following the coin’s latest rally.
Furthermore, an RSI of 64 shows that XTZ is moving into the oversold territory. At press time, XTZ is trading at $5.4 per coin. If the current momentum is maintained, then XTZ could rally higher towards the $5.82 resistance level over the next few hours.
In the event of an extended rally, XTZ could surpass the $6.5 resistance level before the end of the day. However, it would need the support of the broader cryptocurrency market if it intends to surpass that level.