The cryptocurrency chart shows signs of a strong pullback that is preventing Bitcoin and most altcoins from registering new highs. However, some coins have gone contrary to this pullback, and they are headed towards new highs. Tezos is among the leading gainers in the past 24 hours.
Tezos is trading at $6.12 at the time of writing after a 30.8% gain in 24 hours.
Tezos Price Analysis
Tezos dipped at the beginning of the week, following a recession across the broader market. However, it has led altcoins in recovery, and it is among the few coins that have recovered to new monthly highs despite this dip.
If the uptrend goes on, we could see XTZ heading towards the next resistance level of $6.40. During the past 24 hours, the coin had tried to break past this resistance level, but it was rejected, and a slight dip to current levels happened.
If the broader market support kicks in and holds, the next target for XTZ is $7. XTZ’s all-time high created in May stands at $8.27, and if the double-digit gains continue over the weekend, we could see such highs being achieved.
If the current buying pressure fades, XTZ could retest the lower support level of $6 before dipping to $5.85. Such levels could ignite buying support from investors who are still optimistic about a strong bull run in the coming months.
The Tezos blockchain continues to accumulate more adoption, especially regarding non-fungible tokens (NFTs). Recently, Doja Cat, a popular musician, launched NFTs on the Tezos blockchain featuring her collectables. She is joining the list of artists and musicians venturing into NFTs.
The Tezos blockchain has also been selected by EQIFI, a DeFi lending platform, which will use the blockchain to launch a wide range of lending and yield products. In its announcement, EQIFI stated that it had chosen Tezos because of its proven on-chain governance, a promising developer team and a proof-of-stake consensus.
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