XTZ Price rally 17%, Google join hands with Tezos blockchain
- A tech giant Google Cloud partnered with Tezos blockchain to develop Web3 tech
- Google cloud customers can access Tezos blockchain technology and Google cloud will also become on Tezos network
- XTZ crypto price 21% on weekly basis and formed a bullish continuation pattern
Tezos (XTZ) crypto price is trading with mild bullish cues and bulls are trying to defend the recent breakout of the 200 day EMA. However, the recent up move derived by news circulating in the market that a tech giant Google has partnered with Tezos blockchain to develop Web3 technologies and the partnership will also see Google Cloud becoming a validator on the Tezos network.
Currently, The pair of XTZ/USDT is trading at $1.449 with an intraday gains of 0.84% and the 24-hour volume to market cap ratio at 0.2321
Will XTZ partnership reward its investors in the long run?
XTZ/USDT daily chart by Tradingview
Tezos (XTZ) crypto price is in the initial phase of bullish trend reversal and rising upward by forming fresh higher higher swings which has grabbed the attention of the genuine investors and they are expecting upward momentum to continue in coming months.
In the mid of January, XTZ prices picked up the positive momentum and managed to climb above the 50 day EMA which turned the short term trend in the direction of bulls and price rallied 60% approx in the short span of time. Recently, after the news of Google partnership with Tezos has generated a spike in a buying volume and prices broke out of the 200 day EMA by forming a giant bullish candle shows that the positional trend has also reversed in the favor of bulls.
On the other hand, XTZ prices are approaching the supply zone and forming a doji size candlestick indicating that the $1.500 will be acting as a barrier for the bulls and price might consolidate for some time before further momentum. However, if prices face rejection from the supply zone then $1.000 to $1.200 will act as an important support zone for the bullish traders. The technical indicators like MACD had generated a positive crossover indicating the bullishness to continue and more upside is possible but the RSI at 71 denotes an overbought zone which may create trouble for the short term bullish traders.
Summary
Tezos (XTZ) crypto price has shown a wild spike due to its recent partnership with Google which has turned the positional trend in the direction of bulls. However, the prices are near to the supply zone and expected to consolidate for a few days before continuing the further upward momentum.
Technical levels
Resistance levels : $1.500 and $1.755
Support levels : $1.000 and $0.700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
