No menu items!

Will Tezos price sustain its Google-induced rally and hit the $1.75 target?

CryptocurrenciesWill Tezos price sustain its Google-induced rally and hit the $1.75 target?


Share:

  • Tezos price climbed 13% overnight, XTZ is battling resistance at $1.50. 
  • The open-source blockchain token is in a short-term uptrend, targeting the $1.75 level. 
  • Google Cloud partnered with Tezos, joining the XTZ network as a validator and securing its blockchain. 

Tezos, the native token for an open-source blockchain that executes peer-to-peer transactions has witnessed a massive spike in its price with Google Cloud’s partnership announcement. Tezos (XTZ) price yielded 13.4% gains since February 22 and continued its short-term uptrend, targeting $1.75. 

Also read: What do institutional giants know about GMX: Do Amber Group and Arca expect a 20% rally?

Tezos price rallied in response to Google Cloud’s partnership announcement

Tezos, an open-source blockchain that executes peer-to-peer transactions got a massive boost from its partnership with Google Cloud. The technology giant has joined Tezos as a “baker,” a validator that helps set up nodes for verifying transactions on the XTZ network and securing it using Google Cloud. 

Google Cloud has partnered with Aptos and Solana in a similar manner, joining these networks as a block-producing validator. 

Tezos price climbed to $1.44, gearing up to tackle key resistance at $1.50, in response to Google’s partnership news. 

XTZ/USDT Perpetual Contracts 4H chart 

As seen in the chart above, XTZ price is currently in a short-term uptrend. On the 12H price chart, Tezos is in a downtrend. There is a significant support zone between $1.017 and $1.177 where XTZ spent nearly 30 days, from mid-January to February. Since the announcement of Google Cloud’s partnership, XTZ resumed its short-term uptrend, climbing to higher highs, close to the 61.8% Fibonacci Retracement at $1.529. 

If bulls push XTZ to the 61.8% Fib retracement target, a run up to 78.6% at $1.754 is likely. On the 12H price chart, Relative Strength Indicator (RSI), a momentum indicator reveals a bearish divergence. While XTZ price is forming higher highs, RSI is forming lower highs between January 16 and mid-February 2023. 

Bearish divergence in RSI signals a lack of underlying strength in the current uptrend. If XTZ price drops below 50% Fibonacci Retracement at $1.372, it could plummet to the support zone between $1.017 and $1.117, where it spent nearly 30 days. 

If XTZ fails to sustain above the $1.300 level, it would invalidate the bullish thesis for the native token of Tezos protocol. 

Unlock Your Profit Potential: Actionable Stock News, Trading Signals, and More for Savvy Investors

Supercharge Your Investment Strategy Today with the Ultimate Streaming Platform and Premium Tools

Explore more

Unlock Your Profit Potential: Actionable Stock News, Trading Signals, and More for Savvy Investors

Supercharge Your Investment Strategy Today with the Ultimate Streaming Platform and Premium Tools

US DOJ deliberates fraud charges against Binance, but concerns of implications to customers weigh over

Binance.US CEO steps down with exchange shedding 30% of its staff

...
Immuneering Announces Participation in March Investor Conferences - Immuneering (NASDAQ:IMRX)

Getchell Gold Corp. Begins Trading on the Frankfurt Exchange Under Symbol...

VANCOUVER, BC, Sept. 13, 2023 /CNW/ - Getchell Gold Corp.  GTCH GGLDF ("Getchell" or the  "Company") is pleased to announce that the Company's...
Russian law amendments punish 'discrediting' military, including voluntary formations By Reuters

Migrants ‘from all over the globe’ gather between California border barriers...

5/5 © Reuters. Migrants look through the border fence towards food brought by aid workers after gathering between the primary and secondary border fences...
Russia Overcomes Sanctions to Expand Missile Production, Officials Say

Russia Overcomes Sanctions to Expand Missile Production, Officials Say

Russia has managed to overcome sanctions and export controls imposed by the West to expand its missile production beyond prewar levels, according to U.S.,...

Oscillates in a range below the 1.2500 mark, eyes on UK...

...
Analysts trim gold outlook in absence of fresh spur: Reuters poll By Reuters

Gold prices dip as dollar, Treasuries firm before CPI data By...

© Reuters. biedexmarkets.com-- Gold prices fell on Wednesday, coming under pressure from renewed strength in the dollar and yields as markets hunkered down before...
The app teaching Somalis to read and write

The app teaching Somalis to read and write

The technology means that learning is taken out of school to where many Somalilanders live and work. https://www.bbc.com/news/world-africa-66707508
payment stocks - 3 High-Potential Payment Stocks to Profit From the Digital Wallet Boom

3 High-Potential Payment Stocks to Profit From the Digital Wallet Boom

Source: ST.art/Shutterstock The year 2021 was a boom for the online payments industry, as the world rushed to adopt digital commerce solutions. Since then, payment...
US DOJ deliberates fraud charges against Binance, but concerns of implications to customers weigh over

Binance.US CEO steps down with exchange shedding 30% of its staff

...
Immuneering Announces Participation in March Investor Conferences - Immuneering (NASDAQ:IMRX)

Getchell Gold Corp. Begins Trading on the Frankfurt Exchange Under Symbol...

VANCOUVER, BC, Sept. 13, 2023 /CNW/ - Getchell Gold Corp.  GTCH GGLDF ("Getchell" or the  "Company") is pleased to announce that the Company's...
Russian law amendments punish 'discrediting' military, including voluntary formations By Reuters

Migrants ‘from all over the globe’ gather between California border barriers...

5/5 © Reuters. Migrants look through the border fence towards food brought by aid workers after gathering between the primary and secondary border fences...
Russia Overcomes Sanctions to Expand Missile Production, Officials Say

Russia Overcomes Sanctions to Expand Missile Production, Officials Say

Russia has managed to overcome sanctions and export controls imposed by the West to expand its missile production beyond prewar levels, according to U.S.,...

Oscillates in a range below the 1.2500 mark, eyes on UK...

...
Analysts trim gold outlook in absence of fresh spur: Reuters poll By Reuters

Gold prices dip as dollar, Treasuries firm before CPI data By...

© Reuters. biedexmarkets.com-- Gold prices fell on Wednesday, coming under pressure from renewed strength in the dollar and yields as markets hunkered down before...
The app teaching Somalis to read and write

The app teaching Somalis to read and write

The technology means that learning is taken out of school to where many Somalilanders live and work. https://www.bbc.com/news/world-africa-66707508
payment stocks - 3 High-Potential Payment Stocks to Profit From the Digital Wallet Boom

3 High-Potential Payment Stocks to Profit From the Digital Wallet Boom

Source: ST.art/Shutterstock The year 2021 was a boom for the online payments industry, as the world rushed to adopt digital commerce solutions. Since then, payment...