Tezos’ (XTZ) slump intensified on Friday by 8.7% to trade at $0.0275 at press time following its partnership with Google Cloud. The Tezos Foundation and Google Cloud have teamed up to expand web3 application development and offer new services to users, according to a Wednesday announcement. All Google Cloud users will find it simpler to become Tezos “bakers,” or network validators, thanks to the agreement. The proof-of-stake system used by Tezos, which assists in running the protocol and pays rewards, includes bakers. Also, Google Cloud will start baking and join other bakers like the gaming giant Ubisoft. To streamline operations, Tezos and the California DMV teamed up last month to let the department digitize vehicle titles and place title transfers on a private Tezos-built blockchain. According to Tezos, the developer community receiving support from a large infrastructure platform like Google Cloud is receiving a “very strong signal” from this cooperation.
Key Levels
Resistance Levels: $0.0350, $0.0300, $0.0250
Support Levels: $0.0270, $0.0230, $0.0210
VET/USD Daily ChartBased on the daily chart’s technical analysis, it’s expected that the VET/USD pair will experience a decline but will receive strong support at the $0.0270 horizontal level. This support level might attract buyers at the relative strength index midline 50. If there are sell-offs, it may accelerate the recovery towards $0.0400, but this rally will probably be limited to the $0.0350 confluence area.
However, if the VET/USD pair persists below the support level, it could indicate the beginning of a bearish trend. This would leave the pair open to further drops, potentially even testing the crucial $0.0230 levels. Traders should monitor any signs of a low around the $0.0250 level closely. Conversely, a sustained breakout may have significant long-term bearish implications.
VET/USD 4-Hour ChartDespite facing rejection from the $0.0300 confluence regions, the VET/USD pair could experience a corrective downward trend that could take it below the $0.0270 region and towards the $0.0230 contention area. The pair’s intraday bias remains bearish, with selling pressure continuing beneath the MA 50 at the $0.0290 level.
On a positive note, breaking through the immediate resistance level of $0.0300 could indicate that the selling pressure from the $0.0326 level has subsided before reaching the support level at $0.0270. If the pair continues to rise, it’s likely to retest the $0.0326 high level. Conversely, breaking through the $0.0230 support level would sustain the negative bias, leading to further declines and potentially triggering a new downward phase.
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