Tezos has increased by 35% in the last 24 hours to a current price of around $5.5412. This comes after word of a deal with Ubisoft went viral on social media on Tuesday. These developments boosted XTZ, which jumped 51 percent to an intraday high of $5.83 after rebounding from the $3.87 support level.
This has fueled bulls, who are now determined to push the DeFi coin above $7.0.
The Ubisoft Agreement Strengthens the Tezos Price Rally
As previously stated, the current XTZ price rally has been bolstered by the announcement of a significant partnership with video game developer Ubisoft. Ubisoft Quartz, a platform where users can acquire unique NFTs called Digits that can be used in-game, is being launched by the gaming company. The platform will use the Tezos blockchain. In a tweet, the Tezos team announced that the Ubisoft Quartz will be built on Tezos.
Games based on blockchain platforms gained traction in 2021, and Tezos partnering with one of the world’s largest video game developers could lead to a long-term rally for the XTZ coin.
As a result, the Tezos price reversed its downward trend that had begun following the weekend crypto market bloodbath, rising by an impressive 50% to $5.8.
Daily XTZ/USD Chart
As a result, if Tezos price rises above the immediate resistance level of $5.816, it is likely to move up to the psychological level of $7.00.
The parabolic SAR has just flipped from negative to positive and moved below the price, indicating that the XTZ market momentum has shifted to the bullish side.
Furthermore, on the daily chart, the MACD has just sent a buy Tezos signal. This occurred today when the 26-day Exponential Moving Average (EMA) (blue line) crossed above the 26-day EMA (orange line), emphasizing the bullish story.
Taking A Look Over The Fence
On the other hand, failure to break through the $5.813 resistance level may cause the Tezos price to fall towards the 200-day SMA at $4.6706, where it may take a breather before continuing the rally.
As a result, XTZ investors should wait for a close above $5.8 to confirm a bullish breakout or a close below $4.6706 to confirm a bearish breakout.