XTZ, the native token for the Tezos blockchain, has been giving in to the performance of the broader cryptocurrency market. The market has dipped during the past 24 hours, and these dips have affected the bold performance that coins had exhibited during the week.
Following increased buying pressure, XTZ has gained around 38% during the past two weeks. However, the bullish trend has been disrupted by short-term traders selling during the market recession.
Tezos gearing for a bull run
Tezos last achieved an all-time high in October when the rest of the broader cryptocurrency market was rallying. However, the bearish trend created in January affected the gains, and even the bulls created in January have not enabled the token to push to these high levels again.
If Tezos can maintain the bullish trend, it can push to the next resistance at $4.48. This is a major resistance level for the altcoin, and it was broken earlier this week. If the buyers can maintain the bullish trend, traders could see XTZ make a similar uptrend.
At the time of writing, XTZ was on a downtrend. It has dropped by 1.9% during the past 24 hours, and it was trading at $4.20 at the time of writing. If the token continues this downtrend, it will push towards the lower support at $4.11. The coin has bounced from this support in the past, and if the market support is low, it could test it again.
Tezos partners with Manchester United
XTZ elicited a bullish sentiment across the market due to its latest partnership with Manchester United, a team in the English Premier League. Through this partnership, the Tezos blockchain will feature on the training kits of both men and women.
The training kit for both the men and women teams will be branded with XTZ. The soccer club hopes to boost its presence in the hyped WEbn3 sector through this partnership and show fans that they are part of an innovative team. This partnership will promote Tezos brand awareness, igniting a long-term bullish flag for the token.
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Source: https://insidebitcoins.com/news/tezos-could-make-major-gains-following-manchester-united-partnership