What’s Going On With Tezos (XTZ) Lately?

Tezos (XTZ) appears to be on a bit of a downslide, giving back some of its recent gains after briefly peaking above the key $9 mark a few hours ago. At the time of writing, XTZ/USD is trading at around $8.94.

The weekend was a good one for crypto traders in general, with market leader Bitcoin reclaiming the $48,000 mark and helping other cryptocurrencies trade bullish as well. The positive market sentiment sent investors on a buying spree across the board, helping Tezos register double-digit gains in the volatile trading. However, with Bitcoin sliding back under this level, the sentiment has diminished somewhat and caused XTZ’s price to weaken as well.

Fundamental Developments Support Uptrend in Tezos (XTZ)

On the fundamentals front, a project from the Tezos India Fellowship Program – Kickflow, is all set to launch its decentralized, open-source crowdfunding and grants platform on the network, which could lend some support to XTZ in the short term. Kickflow leverages a mathematically proven algorith powered by the concepts of Capital-constrained Liberal Radicalism (CLR) and Quadratic Funding to help projects raise funding from optimal sponsors and backers. The platform will bolster the development of new projects on the Tezos ecosystem in the coming months and drive more users towards the blockchain as well.

Meanwhile, the Tezos network is making its mark in the NFT segment as well, with the launch of AmplifyX’s first pop-up music gallery on its ecosystem. The NFT music marketplace has partnered with the Nicole Tamer Art Gallery for the initiative, which will also see the launch of Detroit Culture Club. It will bring NFTs to a physical space and allow visitors to the David Whitney Building purchase NFTs using their credit cards at the venue.

Another interesting upcoming NFT project on the Tezos blockchain, Minted, will merge NFTs with the power of social media, giving content creators a platform to not only create, showcase and auction their digital works but also feature leaderboards so users can see the most popular NFTs and creators. According to its creator Akshay Petta, the decision to use Tezos for the project was powered by its low transaction fees which could attract more users towards the world of NFTs.

Technical Analysis of XTZ/USD

According to popular crypto analyst and trader Altcoin Sherpa, Tezos is likely to make its way to new ATHs in the coming months. However, this would require XTZ’s price to overcome strong resistance around the $8 level and for market leader Bitcoin to trade strong.

Taking a look at the 4-hour chart of XTZ/USD, we find a strong bullish bias being exhibited by moving averages and leading technical indicators MACD and momentum. Tezos’s price is sitting comfortably above the pivot point at $7.65 at the moment.

XTZ/USD

It looks like buyers are gearing up to give the immediate resistance at $9.96 a test soon. A break above this can propel XTZ past the $10 mark after which the next resistance can be found at…