Tezos price targets new highs as it sets foot in the NFT market

Tezos price sits at a pivotal point while its network utility expands into the NFT market.

Tezos to tap the NFT market

On March 5, TQ Tezos announced that a new Tezos-based NFT platform was under development. The idea behind it was to enable citizens and art collectors in communities to interact with city art collections. 

The project is being piloted by Reno, Nevada, and in cooperation with Mayor Hillary Schieve.

The collaboration is the latest project that is leveraging blockchain technology to deliver digital products and services. The new platform's potential is notable, considering there are plans to expand it to the US Conference of Mayors. 

If successful, cities across the United States and the world will be able to tell their stories in a digital form, thereby enriching the experience of their residents in their communities without disrupting existing public systems. Schieve said:

I believe partnering with TQ Tezos will demonstrate an entirely new path for cities, artists, and technology to merge into an exciting new world for cities and their residents.

XTZ price holds above crucial support 

On a market level, it becomes a question of whether the latest news will support higher prices in XTZ / USD moving forward. In the monthly chart below, a couple of things stand out that present technical obstacles. 

Firstly, the currency pair has reversed near or above the $3.40 price level seven times since February 2020. Secondly, Tezos printed a Shooting Star reversal pattern on two occasions, August 2020 and February 2021. Clear overhead supply.

XTZ/USD Monthly chart

Combined, the technical developments present a near-term challenge for XTZ price, despite the promising news in Nevada. 

Tezos needs to close above the $3.40 - $3.50 price level on a monthly closing base and in the candle's upper range to confirm a breakout. A close above the February 2021 high on a monthly closing basis would be conclusive. The next major price target is $6.28, the 1.618 Fibonacci extension from August 2020 to December 2020's decline.