After a spectacular break out above its symmetrical triangle pattern a week ago, Tezos (XTZ) quickly doubled in price over the space of a few days, eventually reaching a yearly high when it faced resistance just above $0.80. The rally, which started on March 20th, was prompted by a large injection of volume but was followed by a correction that drove it back down to $0.65.
Now, the XTZ token is looking to make a new yearly high, having regained its weekly losses and is trading up 15 percent at $0.78. If bullish momentum continues, analysts foresee the token facing weak resistance at $0.86 or stronger at $0.91. The chance of further selloffs is weakening but a deeper pullback is still possible if there isn’t a significant break above it’s previous high.
Branching into autonomous driving
Yesterday, the Tezos Foundation announced a partnership with MOBI, a blockchain company focused on developing green technologies to improve safety within the mobility industry. Tezos was chosen along with twelve other new community members to help support a MOBI initiative.
The initiative, dubbed the Mobi Grand Challenge, is a multi-stage, three-year project designed to boost developments within the electric and automated vehicle sector. It was launched in collaboration with the Trusted IoT Alliance and hopes to bring together some of the best minds in the blockchain and AI industry to further the autonomous driving revolution. Other winners in stage one included connected vehicle dApp developer Chorus Mobility, IoT-focused blockchain project Oaken Innovations and German digitization firm Fraunhofer FIT.
The gains are a much-needed boost for the Tezo’s project, which last year suffered through a drawn-out legal battle during which time the coin couldn’t trade on any exchanges. Further issues with the U.S. Securities and Exchange Commission (SEC) left the coin in a dire position, one which it has only just begun to claw its way out of.
Tezos (XTZ) is currently trading at $0.781, slightly down from today’s earlier high of $0.806.