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Tezos (XTZ) Gains 35% to $5.5, DeFi Bulls Target $7.0 – Price Analysis

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Dec 8, 2021

Tezos (XTZ) gained 35% over the previous 24 hours, exploring $5.5412 levels at the moment. That follows reports on the Ubisoft partnership deal. The news dominated social media platforms on Tuesday. The updates bolstered the altcoin as XTZ bounced off the support floor at $3.87, surging 51% towards Tuesday’s intraday highs of $5.83.

The lucrative actions over the past sessions have bolstered bulls as they remain committed to taking this DeFi token to levels past $7.0.

Ubisoft Deal Supports XTZ Price Surge

As earlier, XTZ’s current price rally receives reinforcement from a significant partnership announcement. The crypto project plans to collaborate with Ubisoft, a video game maker. The gaming firm plan to introduce Ubisoft Quartz, a site where users can access Digits, unique NFTs. Users can use the tokens in-game as the platform utilizes the Tezos blockchain. XTZ team tweeted that the Tezos network will house the Ubisoft Quartz.

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Keep in mind that blockchain games have witnessed increased tractions this year. With that, Tezos partnering with the leading video game maker can translate to a long-term surge for XTZ price. That way, Tezos can invalidate its downtrends that came after the weekend crypto bloodbath.

XTZ/USD Daily Price Chart

If the upcoming sessions see Tezos price climbing above the closest resistance near $5.816, it might see further upside moves, tagging the psychological area at $7.00. Remember, the SAR switched to positive from negative and moved under the coin’s price, confirming a bullish momentum for XTZ. Furthermore, the Moving Average Convergence Divergence sent a buying signal on Tezos daily chart. Such price developments support the bullish case.

On the other side, failure to climb past the resistance zone at $5.813 might witness XTZ price plunging towards a 200-day Simple Moving Average of $4.6706. The alternative coin can pause at this level before continuing its rally.

For now, Tezos enthusiasts need to wait for the crypto to close beyond $5.8 for XTZ’s bullish breakout or a decisive close beneath $4.6706 for a bearish confirmation breakout. However, bulls remain optimistic, targeting to explore $7.0 in the up-and-coming trading sessions.

Feel free to engage us in the comment section below.

By Piotr Swat – shutterstock.com

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