The cryptocurrency market is experiencing mixed performance today, but Tezos has been performing well over the past 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 in the past 24 hours and the overall market cap is now below $1.25 trillion.
Bitcoin remains above the $30k support level despite losing 0.9% of its value to date. Ether is also down 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 among the top 50 cryptocurrencies by market cap.
At press time, XTZ is up over 8%, outperforming other major cryptocurrencies.
The ongoing rally of XTZ can be attributed to the USDT stablecoin launched on the Tezos blockchain.
Tether announced earlier today that its USDT stablecoin is now available on the Tezos blockchain. Thus, Tezos is starting to make USDT the 12th blockchain.
USDT is the world’s leading stablecoin with a market capitalization of over $80 billion.
prime level to watch
XTZ/USD 4-hours is currently bullish as the cryptocurrency has been performing well over the past 24 hours. Technical indicators suggest that it is outperforming other major coins.
The MACD line is above the neutral zone, which indicates bullish momentum. The 14-day RSI of 72 suggests that XTZ may soon enter overbought territory.
As of press time, XTZ is trading at $2.213 per coin. If the bullish momentum continues, XTZ may cross the first major resistance level of $2.458 before the end of the day.
However, XTZ will need the support of the broader crypto market to move beyond the resistance level of $2.7.