Tezos seems to be a relatively overlooked token in the crypto space, but the latest Ubisoft announcement could usher in a recovery rally for XTZ. Covered: Tezos Gaining Traction XTZ Price Action Update Tezos (XTZ) isn’t usually at the top of a crypto enthusiast’s mind if you ask them which cryptocurrencies are grabbing all the […] The post Tezos Pops Off Following Ubisoft Announcement — This Is Where XTZ Is Headed appeared first on CryptosRus.

Tezos Pops Off Following Ubisoft Announcement — This Is Where XTZ Is Headed

Tezos seems to be a relatively overlooked token in the crypto space, but the latest Ubisoft announcement could usher in a recovery rally for XTZ.

Covered:

  • Tezos Gaining Traction
  • XTZ Price Action Update

Tezos (XTZ) isn’t usually at the top of a crypto enthusiast’s mind if you ask them which cryptocurrencies are grabbing all the attention today. For most newcomers, Tezos may seem like an afterthought or a boomer coin carrying the same fate as old DeFi 1.0 protocols (Sorry, LTC fans). 

However, a pumping XTZ price alongside the blockchain’s latest integration with Ubisoft shows that Tezos hasn’t gone anywhere and is finding its place at the forefront of NFT innovation.

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Tezos Gaining Traction

In case you missed the news, the Tezos smart contract platform just received major mainstream recognition from Ubisoft. The gaming company announced that it will be utilizing Tezos to build Ubisoft Quartz and launch in-game non-fungible tokens (NFTs).

As reported at the beginning of November, Ubisoft said that it was exploring play-to-earn gaming via funding from Animoca brands.

Ubisoft CFO Frédérick Duguet hinted that the company was looking to make its own games. 

“We’ve been working with lots of small companies going on blockchain and we’re starting to have a good know-how on how it can impact the industry, and we want to be one of the key players here.”

Just a month after the initial inquiry, Ubisoft’s first game with NFTs is coming out on December 9th with the help of Tezos.

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XTZ Price Action Update

Taking a look at the charts, Tezos is seeing strong bidding from crypto investors following the news. At the time of writing, its native token XTZ is trading at $5.57.

From its local low of $3.67, the crypto asset pumped over 51% to its current level with a strong impulse in trading volume. On shorter time frames, I’d look for a clear break above that $5.82 resistance before expecting further appreciation. 

Zooming out to the daily time frame, it’s clear that the XTZ price has been steadily rising in this ascending channel ever since the crypto market crashed from pandemic concerns back in March of 2020. 

Assuming the overall crypto bull market stays intact and Ubisoft nails the NFT launch, we can expect to see Tezos return back to the top of this channel in the future.

While the gains have not been nearly as impressive as its competition, XTZ adoption by mainstream gaming giants like Ubisoft could begin a new chapter for the Tezos blockchain. 

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