Tezos Shoots Up Nearly 10% While the Top Coins Bleed

Tezos

While the crypto market experiences a deep correction, Tezos is up 9.33%. At press time, XTZ token is trading at $1.36. The price rise can be attributed to the platform’s partnership with, Tribe, Singapore’s first government-supported platform for driving blockchain growth. One of the possible reasons also includes the fact that the French Military police have found a use case for Tezos blockchain. Furthermore, Coinbase custody has extended its Tezos (XTZ) staking service to all global clients.

Tezos Rise Up 14.18%  Against Bitcoin

It is worth noting that Tezos is up by more than 14.18 % percent against Bitcoin. XTZ experienced a pump on the 11th of November. This was after Switzerland’s primary stock exchange-listed an income-generating exchange-traded product (ETP) based on Tezos (XTZ) token. Interestingly, the coin’s market cap has risen by $3 MM in the past week. 

Source- CoinMarketCap

The key support levels to look out for lie between $1.27 and $1.28 with resistance at $1.45. If the prices drop they may well stay in the range of $1.1 and $1.2. If the token manages to break resistance at $1.45, the prices may rally to $1.50 and $1.60 levels.

Technical Indicators 

Source- Trading View

Relative Strength Index (14)- 70.6646
Stochastic %K (14, 3, 3)- 65.4918
Commodity Channel Index (20)- 164.0571
Average Directional Index (14)- 56.4572
Awesome Oscillator- 0.1828
Momentum (10) -0.1993

A Look At Platform’s Recent Developments

The recent developments on the platform have interestingly lead to a spectacular price rise. Since, September 2019, the French Gendarmerie’s cybercrime division (C3N)  has been validating and recording judicial expenses on the Tezos blockchain. Furthermore, the program allows  C3N to acquire cryptocurrency, using funds allocated by Europol, to cover operational costs.

Yesterday, Coinbase custody announced that it is extending its staking service to global clients. Initially, the service was available only for institutional clients. Recently it was extended to all U.S. customers of Coinbase Custody and now it has been made available to all investors globally.

Recently, Tezos Southeast Asia (TSA) announced its partnership with Tribe, Singapore’s first government-supported platform for driving blockchain growth, at the Singapore Fintech Festival 2019. The partnership will facilitate the launch of a training program that will aid in the development of its blockchain ecosystem in Southeast Asia.

Will XTZ price rise continue? Let us know, what you think in the comments below!

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