The cryptocurrency market is experiencing a mixed performance today, but Tezos has been performing excellently in the last 24 hours.
The cryptocurrency market has been experiencing a mixed performance over the past few hours. The broader market has lost less than 1% of its value over the past 24 hours and the total market cap now stands below $1.25 trillion.
Bitcoin remains above the $30k support level despite losing 0.9% of its value so far today. Ether is also down by less than 1% and is currently trading at $1,790 per coin.
However, XTZ, the native token of the Tezos ecosystem, is one of the best performers amongst the top 50 cryptocurrencies by market cap.
XTZ is up by more than 8% at press time, outperforming the other major cryptocurrencies.
XTZ’s ongoing rally can be attributed to the USDT stablecoin launching on the Tezos blockchain.
Tether announced earlier today that its USDT stablecoin is now live on the Tezos blockchain. Thus, making Tezos, the 12th blockchain USDT, is launching on.
USDT is the leading stablecoin in the world, with a market cap of over $80 billion.
Key levels to watch
The XTZ/USD 4-hour is currently bullish as the cryptocurrency has been performing well in the last 24 hours. The technical indicators show that it is outperforming the other major coins.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 72 shows that XTZ could soon enter the overbought region.
At press time, XTZ is trading at $2.213 per coin. If the bullish momentum continues, XTZ could move past the first major resistance level at $2.458 before the end of the day.
However, XTZ would need the support of the broader crypto market to make a move past the $2.7 resistance level.