- New Tezos-based NFT platform for municipal art under development in Reno, Nevada.
- The platform will facilitate accessibility for citizens to interact and collect digital public art.
- XTZ price has struggled with the $3.40 - $3.50 price level since February 2020.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.