The cryptocurrency market has had a mixed performance today, but Tezos has had a solid performance over the past 24 hours.
The cryptocurrency market has had a mixed performance over the past few hours. Over the past 24 hours, the market cap has shrunk by less than 1%, and the total market cap is now below $1.25 trillion.
Bitcoin remains above support at $30,000 despite a 0.9% drop in value so far today. Ether, also down less than 1%, is currently trading at $1,790 per coin.
However, XTZ, the native token of the Tezos ecosystem, is one of the best performers among the top 50 cryptocurrencies by market cap.
XTZ is up more than 8% at press time, outperforming other major cryptocurrencies.
The continued rise of XTZ can be attributed to the USDT stablecoin launched on the Tezos blockchain.
Tether announced earlier today that its USDT stablecoin is now live on the Tezos blockchain. So, Tezos, the 12th blockchain USDT is launching.
USDT is the world’s leading stablecoin with a market cap of over $80 billion.
Key Levels to Watch
XTZ/USD 4 hours is currently bullish as the cryptocurrency has performed well over the past 24 hours. Technical indicators show that it is outperforming other major coins.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 72 suggests that XTZ may soon enter overbought territory.
At press time, XTZ is trading at $2.213 per coin. If the bullish momentum continues, XTZ could breach the first major resistance level at $2.458 before the close.
However, XTZ needs support from the wider crypto market to break above the $2.7 resistance.