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The crypto market has been consolidating after a major dip on Saturday. While some tokens face a strong recession and are dropping towards lower levels, some are making major gains, and they are moving towards notable highs. Tezos stands as one of the top gainers during the past 24 hours.
Tezos is trading at $5.24 at the time of writing after a 27.7% gain in 24 hours.
Tezos price analysis
As aforementioned, Tezos made a notable bullish run during the past 24 hours. The current rally is almost similar to the one in early October, leading to the token hitting an all-time high of $9 on October 4.
If Tezos can continue with its gains, it could soon break past the other major resistance level at $5.30. At this point, the token could set the next target at $5.50. Pushing towards $6 is also possible if buyers keep up the current bullish momentum.
During the past 24 hours, this token had managed to reach a weekly high of $5.85, from the $4.10 that it was trading at before the 24-hour bullish rally.
On the other hand, buyers could start disposing of the token if there isn’t enough support from the broader market. If this coin drops towards lower levels, it could test the lower support of $5.20. The token could also drop below $5 if the bear trend across the broader market is strong.
The recent gains made by Tezos come amidst news that the blockchain will be partnering with Ubisoft, a leading gaming platform. Ubisoft will be using the Tezos blockchain to mint non-fungible tokens (NFTs) known as Digits. These NFTs can be used by gamers on Ubisoft.
Where to buy XTZ
To buy XTZ tokens during the current gains, you can create a cryptocurrency exchange account on eToro. eToro is one of the leading cryptocurrency exchange platforms. eToro supports a wide range of cryptocurrencies and trading pairs, ideal for investors looking to diversify their portfolios. It also has user-friendly features such as low trading fees and copy trading.
Your capital is at risk.
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