Will Tezos price sustain its Google-induced rally and hit the $1.75 target?


  • Tezos price climbed 13% overnight, XTZ is battling resistance at $1.50. 
  • The open-source blockchain token is in a short-term uptrend, targeting the $1.75 level. 
  • Google Cloud partnered with Tezos, joining the XTZ network as a validator and securing its blockchain. 

Tezos, the native token for an open-source blockchain that executes peer-to-peer transactions has witnessed a massive spike in its price with Google Cloud’s partnership announcement. Tezos (XTZ) price yielded 13.4% gains since February 22 and continued its short-term uptrend, targeting $1.75. 

Also read: What do institutional giants know about GMX: Do Amber Group and Arca expect a 20% rally?

Tezos price rallied in response to Google Cloud’s partnership announcement

Tezos, an open-source blockchain that executes peer-to-peer transactions got a massive boost from its partnership with Google Cloud. The technology giant has joined Tezos as a “baker,” a validator that helps set up nodes for verifying transactions on the XTZ network and securing it using Google Cloud. 

Google Cloud has partnered with Aptos and Solana in a similar manner, joining these networks as a block-producing validator. 

Tezos price climbed to $1.44, gearing up to tackle key resistance at $1.50, in response to Google’s partnership news. 

XTZ/USDT Perpetual Contracts 4H price chart

XTZ/USDT Perpetual Contracts 4H chart 

As seen in the chart above, XTZ price is currently in a short-term uptrend. On the 12H price chart, Tezos is in a downtrend. There is a significant support zone between $1.017 and $1.177 where XTZ spent nearly 30 days, from mid-January to February. Since the announcement of Google Cloud’s partnership, XTZ resumed its short-term uptrend, climbing to higher highs, close to the 61.8% Fibonacci Retracement at $1.529. 

If bulls push XTZ to the 61.8% Fib retracement target, a run up to 78.6% at $1.754 is likely. On the 12H price chart, Relative Strength Indicator (RSI), a momentum indicator reveals a bearish divergence. While XTZ price is forming higher highs, RSI is forming lower highs between January 16 and mid-February 2023. 

Bearish divergence in RSI signals a lack of underlying strength in the current uptrend. If XTZ price drops below 50% Fibonacci Retracement at $1.372, it could plummet to the support zone between $1.017 and $1.117, where it spent nearly 30 days. 

If XTZ fails to sustain above the $1.300 level, it would invalidate the bullish thesis for the native token of Tezos protocol. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP