Tezos price is up 35% over the last 24 hours to the current price around $5.5412. This follows news on a deal with Ubisoft which went viral on social media on Tuesday. These news bolstered XTZ as it rebounded off the $3.87 support level leaping 51% to intraday high of $5.83 on Tuesday.
This has bolstered bulls who are now determined to take the DeFi coin to areas above $7.0.
The Ubisoft Deal Bolsters the Tezos Price Rally
As earlier, the current XTZ price rally is reinforced by the announcement of a significant partnership with video game maker Ubisoft. The gaming company is launching Ubisoft Quartz, a platform where users can acquire unique NFTs called Digits, which can be used in-game and the platform will use the Tezos blockchain. The Tezos team said in a tweet that the Ubisoft Quartz will be build on Tezos.
— Tezos (@tezos) December 7, 2021
Games based on blockchain platforms have gained traction in 2021 and for Tezos to partner with one of the largest video game makers in the world could lead to a long-term rally for the XTZ coin.
As such, the Tezos price turn away from its downtrend that followed the weekend crypto market bloodbath with an impressive 50% to $5.8.
XTZ/USD Daily Chart
As such, if Tezos price rises above the immediate resistance at $5.816, it is likely to move upwards to tag the $7.00 psychological level.
Note that the parabolic SAR has just flipped from negative to positive and moved below the price suggesting that XTZ market momentum is now bullish.
Moreover, the MACD has just sent a buy Tezos signal on the daily chart. This happened today when the 26-day Exponential Movign Average (EMA) (blue line) crossed above the 26-day EMA (orange) accentuating the bullish narrative .
Looking Over The Fence
On the flipside, failure to rise above the $5.813 resistance could see the Tezos price drop towards the 200-day SMA at $4.6706 where it could take a breather before continuing the rally.
Therefore, XTZ investors are advised to wait for a closure above the $5.8 for a bullish breakout or a closure below the $4.6706 for a confirmation of a bearish breakout.
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