The cryptocurrency is buying and selling in the pink zone once more, with most cryptocurrencies recording losses at the second.
The cryptocurrency market has had a poor begin to the day. The market misplaced more than 2% of its worth earlier right now however is slowly recovering and is solely down by 1.25% at the time of this report
The whole cryptocurrency market cap stands above $950 billion. Bitcoin, the world’s main cryptocurrency, is down by 1.3% in the final 24 hours. BTC dropped beneath the $21k psychological stage just a few hours in the past however is now buying and selling above $21,100.
Ether has maintained its worth above $1,200 regardless of shedding 0.7% of its worth in the final 24 hours.
XTZ, the native token of the Tezos blockchain, is considered one of the finest performers amongst the prime 40 cryptocurrencies by market cap. XTZ is up by more than 9% in the final 24 hours and presently trades at $1.65 per coin.
The catalyst behind XTZ’s constructive efficiency may very well be the launch of the Open Web Forum 2022 Hackathon. The hackathon, organised by HackerEarth, is powered by Tezos.
???? @HackerEarth‘s Open Web Forum 2022 #Hackathon is right here, powered by @Tezos!
Join creatives w/ technical expertise to develop modern #Web3 options and construct video games on #Tezos the place you’ll be able to journey by means of an ecosystem stuffed with distinctive #DApps.
Registration closes July 18! ⤵️
— Tezos (@tezos) June 27, 2022
Key ranges to observe
The XTZ/USD 4-hour chart is presently bullish as Tezos is performing positively. The technical indicators present that XTZ is outperforming the different main cryptocurrencies.
The MACD line is inside the constructive territory, indicating bullish momentum. The 14-day relative energy index of 66 reveals that XTZ may quickly enter the overbought area.
If the rally continues, XTZ may surge previous the $1.73 resistance stage quickly. However, it might want the help of the broader market to commerce above $1.9 for the first time in two weeks.
XTZ may drop beneath the $1.5 help stage if the bears regain management of the market in the quick time period. However, XTZ ought to comfortably defend its place above the $1.34 help stage over the coming hours.
