Tezos Price Gains Momentum as Everstake Support and Renovi Partnership Drive Growth

Highlights:

• Tezos surged after Everstake announced support for tez staking.
• A new Renovi partnership enables in-game advertising on Tezos, creating fresh revenue streams.
• Tezos nears a $1.2 billion market cap, with potential to break into the crypto top 100 and rally past $1.30.

The Tezos price has skyrocketed 39% in the last 24 hours, trading at $1.11 as of 4:40 a.m. EST on an 1162% jump in trading volume to $1 billion. The market capitalization stands at $1.12 billion.

This surge in price comes after Everstake, a major validator platform, announced support for tez staking. Tezos has also been gaining traction thanks to a recent Messari report, State of Tezos for Q3 2024, which highlighted significant growth in transactions, decentralized apps, upgrade proposals, and the number of active validators.

1/2 Great news for @Tezos fans!

🟡 You can now stake your tez by going to https://t.co/OEbNhFnV4Y!

Staking was introduced on Tezos in June 2024, and it’s a very simple process that gives you significant benefits (like earning 2x more than delegation)! pic.twitter.com/vv9EcvtV1f

— Everstake (@everstake_pool) November 18, 2024

The network has seen increased activity from projects like Rarible and gaming platforms Sugarverse and BattleRise. Tezos’ partnership with Manchester United has added to the excitement with the launch of Fantasy United, driving even more engagement on the blockchain.

Adding to this momentum, Tezos recently partnered with Renovi, unlocking innovative monetization opportunities for games built on its blockchain. This partnership introduces in-game advertising powered by Tezos-backed analytics, offering developers a unique way to generate revenue.

With its market cap nearing $1.2 billion, Tezos is on the cusp of breaking into the crypto top 100. If this momentum continues, XTZ could rally back above $1.32, solidifying its position as a coin to watch closely.

Tezos Statistics

• Tezos price:  $1.11
• Market capitalization: $1.12 billion
• Trading volume: $1 billion
• Circulating supply: 1.03 billion
• Total supply:1.037 billion

Tezos Price Forms Bullish Pennant After Breakout, Eyes $1.30

The 30-minute timeframe of the XTZ/USD chart shows a very strong bullish momentum followed by consolidation. Presently, the price is at $1.12308, and the breakout point can be clearly identified at $0.509801. This earlier breakout point caused the sharp up-move. After breaking out, the price moved into a consolidation phase and formed a bullish pennant pattern. A bullish pennant usually forms during a continuation of a prior uptrend.

The 50-period moving average (SMA), currently at $1.07199, is acting as dynamic support, reinforcing short-term bullish momentum. Meanwhile, the 200-period MA at $0.85599 is trending upward, confirming the overall bullish trend. These moving averages highlight key levels traders should watch for potential support and resistance zones.

Momentum indicators reflect a mixed picture. MACD lines stand marginally above the signal line, although around the zero line, which indicates weakening bullish momentum in the period of consolidation. Additionally, the bars in the histogram are almost neutral, reflecting the absence of strong directional bias.

The Relative Strength Index rests at 49.07, pointing toward neutral momentum. Tezos price is neither overbought nor oversold, thereby opening all possibilities for movement either way based on how the market dynamics shape up.

The pennant’s upper boundary is key to watch, which forms immediate resistance around the $1.20 level. A break above this could lead to the continuation of this uptrend, with targets of $1.30 and $1.40. On the downside, the pennant’s lower boundary near $1.10 forms immediate support, with the 50-MA at $1.07. A breakdown below these levels could lead to further retracement, potentially testing $1.00 or even the 200-MA at $0.85.

A close above $1.20 with good volume will confirm a continuation of the upward move for bullish traders. For good risk management, stop-loss orders should be set below $1.10. Bearish traders will look to open short trades in case of a break below $1.10 and $1.07, targeting at least $1.00 or lower.