Tezos Moves Past $3 and Then Loses It

Written by: Timothy St. John • Wednesday, July 28, 2021 • 2 min read

• Last updated: Wednesday, July 28, 2021

Tezos hit $3.05 (XTZ/USD) on Sunday and held onto it through much of Monday. It is back down to $2.8, though, and holding steady. That’s a rate it has not been able to achieve since July 13^th, so we are definitely seeing a bullish trend at the moment for this crypto.

How long it will hold onto that is hard to say, as Tezos isn’t behaving like most of the other cryptocurrencies. Sunday was its third time this month above the $3.00 resistance level, and the crypto isn’t trending too far from where it was throughout June. On June 7th, Tezos briefly tested the $4 resistance and it is not impossible to think that it can get back there again in the next few weeks.

New Grant Program Has Little Effect on XTZ/USD Price

On July 27th, Tezos announced a new grants program for its ecosystem. This program is designed to support builders and creators within the Tezos community. The program is available to anyone in the world, and they will be issued out of the regional ecosystem hubs.

These programs are meant to improve the ecosystem by bringing in development talent. They are also designed to boost block chain use.

The requirements for receiving a grant will vary from one location to another. Those who receive grants can apply for additional ones as well. Tesla has seen lot of growth this year, but this announcement hasn’t moved the needle on the XTZ/USD price at all. It could have some impact in the near future, but this isn’t the kind of announcement would expect to do very much for the price cryptocurrency.

Tezos’ trade volume is down 37% over the last 24 hours. This digital coin is struggling in its #44 position among cryptocurrencies, and it’s going to need quite a push to reach any kind of mainstream penetration.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.