XTZ, the native token of Tezos, has staged a massive price correction since October 21 rising from a low of $1.3033 to the current price of $1.44.
Tezos price has gained more than 5% since Robinhood announced its listing adding to the gains it had made since Friday last week. The bullish trend continues today with the token gaining about 1.20% in the past 24 hours.
What is pushing Tezos price up?
While Tezos bull run aligns to the rest of the crypto market which has staged a significant correction since Monday. At first, investors weren’t sure of what to expect after the sudden price surge on Monday morning that resulted to the largest liquidations of short positions. But the market has sustained the bullish trend for the past three days though at a sluggish trend.
While the general crypto market recovery could be one of the factors driving Tezos price up, the listing of XTZ on Robinhood has definitely added some oomph to the bullish trend. On Monday, Robinhood made announced via Twitter that it had listed XTZ and AAVE bringing the total number of crypto assets that the app has listed to date to 19.
AAVE @AaveAave and XTZ @tezos are now on Robinhood #CryptoListinghttps://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) October 24, 2022
Another thing that is driving the price of XTZ up it the rising popularity Tezos NFTs which have become some of the trendy collectible recently. The popularity of Tezos NFT ecosystem has is rapidly growing due to the low mining cost and energy efficiency of Tezos blockchain.
Tezos recently sealed a deal with Taco, a Web3 automation platform, to allow Shopify customers access Tezos NFTs through Taco’s NFT loyalty program. Over the years, Shopify has positioned itself as a platform for businesses interested in Web3.
What’s Tezos price outlook?
The listing on Robinhood will definitely increase Tezos trading volume since it exposes the cryptocurrency to a broader audience (i.e. Robinhood’s users). There is also growing popularity of Tezos NFT ecosystem, according to many is just starting seeing the growing popularity of the general Web3 industry.
Taking all these factors into consideration, the price of XTZ could rally to $1.51 before the end of the week, especially if the broader cryptocurrency market continues with its positive outlook.
XTZ technical analysis
Overall, Tezos price analysis shows a bullish trend especially since the price is continuously moving upwards especially after breaking though the resistance at $1.43 level.
XTZ/USDT chart from CoinMarketCap
Looking at the Ichimoku cloud and MACD indicators on XTZ/USDT 1 hour chart, all indicators shows a strong bullish trend. The only caution would be the market entering an overbought condition that may result in a slight pullback