- Tezos price hits that ultimate bottom level for a sharp rebound.
- The blockchain's Electis e-voting system has gained kudos from partnerships with the United Nations and French authorities.
- XTZ transactions are fast approaching the 1 million mark per second.
Investors seem to be shifting their attention back to the cryptocurrency market following the Fed's Wednesday interest rate verdict, when it raised rates by 75 basis points, to combat rising inflation. Although most analysts expected another pullback post the FOMC meeting, the crypto market made significant strides, led by Bitcoin price’s minor rally above $24,000.
Tezos price is trading 5.3% higher at the beginning of the American session on Friday. This recovery will likely continue throughout the session, with the market's heightened volatility extending into the weekend. As illustrated in the 12-hour chart below, XTZ holds at $1.73 after piercing through the resistance formed by a critical descending trend line.
XTX/USD 12-hour chart
Is Tezos price recoil sustainable?
The 12-hour Moving Average Convergence Divergence (MACD) has recently flipped in favor of the uptrend. A positive divergence formed with the 12 Exponential Moving Average (EMA) crossing above the 26 EMA, has called more buyers to make the most of the anticipated move to $2.00. Furthermore, the MACD sits within the positive region as Tezos doubles down on the bullish reaction to the interest rate hike.
At the same time, the Super Trend indicator has the potential to continue propelling XTZ price higher with the presence of a buy signal on July 18. Support levels will also play a vital role in keeping the uptrend intact. Therefore, traders are advised to watch the 12-hour 50 Simple Moving Average (SMA), the 100 SMA and the primary buyer congestion zone at $1.45.
Tezos Electis voting system adoption on the rise
Tezos has been lining up high-profile projects and collaborations for its robust and fast blockchain. The Electis, a fully encrypted and anonymous e-voting system, is one of the projects that has placed Tezos on the global map.
In addition to being used in over 80 universities, Electis has been trialed by French authorities since October 2021. The application stands out for automating the voting process and relaying live events in real-time.
The latest news from Tezos detailed that at least three United Nations organizations are using Electis, including YOUNGO children, a youth-driven constituency. Other organizations are the SDG7 Youth Constituency and the Women and Gender Constituency (WGC).
Creating utility for blockchain projects has been the biggest challenge, with a marked difference between robust projects that stand the test of time and those that fade away quickly. As Tezos adoption grows, the token value is bound to grow too and become even more competitive in the market.
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