XTZ is up by more than 8% today

    The cryptocurrency market is experiencing a combined efficiency today, however Tezos has been performing excellently within the final 24 hours.

    The cryptocurrency market has been experiencing a combined efficiency over the previous few hours. The broader market has misplaced much less than 1% of its worth over the previous 24 hours and the full market cap now stands beneath $1.25 trillion.

    Bitcoin stays above the $30k assist stage regardless of shedding 0.9% of its worth to this point today. Ether is additionally down by much less than 1% and is at present buying and selling at $1,790 per coin.

    However, XTZ, the native token of the Tezos ecosystem, is among the best performers amongst the highest 50 cryptocurrencies by market cap.

    XTZ is up by more than 8% at press time, outperforming the opposite main cryptocurrencies. 

    XTZ’s ongoing rally will be attributed to the USDT stablecoin launching on the Tezos blockchain. 

    Tether introduced earlier today that its USDT stablecoin is now dwell on the Tezos blockchain. Thus, making Tezos, the twelfth blockchain USDT, is launching on.

    USDT is the main stablecoin on the planet, with a market cap of over $80 billion.

    Key ranges to observe

    The XTZ/USD 4-hour is at present bullish because the cryptocurrency has been performing nicely within the final 24 hours. The technical indicators present that it is outperforming the opposite main cash. 

    The MACD line is above the impartial zone, indicating bullish momentum. The 14-day RSI of 72 exhibits that XTZ may quickly enter the overbought area.

    At press time, XTZ is buying and selling at $2.213 per coin. If the bullish momentum continues, XTZ may transfer previous the primary main resistance stage at $2.458 earlier than the top of the day.

    However, XTZ would want the assist of the broader crypto market to make a transfer previous the $2.7 resistance stage. 

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