December 5, 2022

Tezos (XTZ) Bulls Ready for Upswing to $2.0 – 28 May Price Forecast 

 

  • Tezos welcomes the weekend with a bullish leg following a morning breakout, targeting $2.0.
  • Update of F1 Oracle Red Bull Racing introducing an NFT collection on the Tezos ecosystem ensured morning support. 
  • Crucial technical flash bearish, with XTZ trading beneath 50-dayEMA 

Friday sessions saw Tezos losing 2.74% to extend Thursday’s 1.58 crash, ending the day near $1.811. However, the alternative token saw recoveries amidst news of the new NFT drop by Oracle Red Racing. Meanwhile, bearish tendencies in the broad market pushed Tezos to sub-$2.00 following the brief $2/25 return on Thursday. 

The crypto market stays under pressure since the LUNA and UST crises. Regulatory overhaul dented sentiments within the cryptocurrency world. However, Tezos recorded bullish actions today. Besides broad market support, news about Oracle Red Bull racing launching NFTs on the Tezos blockchain ensured massive support. 

Oracle Red Bull Racing Introduces NFT Collection on The Tezos Blockchain 

F1 racing team Red Bull Racing declared launching an NFT collection during Friday’s Monaco Grand Prix. The racing team will use the Tezos blockchain to mint the NFTs and list them on the Bybit platform. The Team’s 2nd NFT collection wants to reduce the gap between the F1 world and fans. Moreover, it is the first teamwork between Oracle Red Bull’s two crucial partners, Bybit and Tezos. 

XTZ Price Action 

While publishing this blog, Tezos changed hands at $1.9100, following a 5.47% surge. Earlier sessions on the day saw Tezos plummeting to $1.8100 early morning lows before surging towards the $ 1.9390-morning peak. The alternative token overcame the initial critical resistance zone at $1.8877. 

Technical Indicators 

XTZ should avoid the initial resistance area and the pivot at $1.8203 to clear the road to the second resistance near $1.9643. However, broad market backing is essential for Tezos to surpass the $1.9390 morning high. 

Continued rallies would see Tezos rallying towards the resistance near $2.9. Overcoming this area can support upsurges to the obstacle near $2.1083. On the other hand, weakness at the $1.8203 pivot will bring $1.7437 support. Excluding massive sell-offs on the day, Tezos should prevent sub-$1.74. The 2nd support sits near $1.6763.