Tezos (XTZ) Nurses From Bad Fall In Last 7 Days After Binance Asset Freeze

Recent developments suggest that Tezos and its native coin, XTZ, may have placed itself in a precarious scenario. XTZ price reveals a bullish trend  Key resistance spotted at $1.48 Tezos price support present at $1.44 On August 25, a group of network contributors under the name Baking Bad claimed that the cryptocurrency exchange Binance had wrongfully frozen over $1 million in assets.

Timeline of Tezos

Tezos price analysis is bullish, with the XTZ/USD pair rising to $1.48. However, the digital asset is currently facing resistance at this level and may fall to $1.44 if the bulls fail to sustain the upward momentum.

Tezos [XTZ] may have put itself and its native cryptocurrency, XTZ, in a problematic situation as per recent events. On 25 August, a group of contributors on its network (Baking Bad) accused crypto exchange Binance of freezing over $1 million of its assets without following due process.

Yupana.Finance, the open-source, decentralized, non-custodial lending protocol, announced that it is providing the long-awaited credit protocol benefits to the Tezos community. Now, Tezos users can borrow, lend, and earn rewards like in any other popular DeFi ecosystem.

The XTZ/USDT technical chart reflected a texted book example for an inverted flag pattern in response to the previous two-month recovery. The same pattern was observed from Mid-may to early June recovery and triggered a 38% downfall upon breakdown.

Tezos price analysis suggests a probable correction in the price, provided some market conditions are met. The recent price action implies the extension of the higher highs and higher lows formation on the daily chart.

XTZ holders, especially those who purchased near the bottom of the bear market in June, are up a tad over 60%. However, the cryptocurrency just touched its first major resistance level.

Following a busy summer that saw Tezos host its annual developer conference in Paris shortly after welcoming USDT into its fold, the blazing fast, energy friendly blockchain network is enjoying rapid traction in both the NFT and the DeFi spaces.  The TEZ/DEV conference, which wrapped up on July 23, provided us with an in-depth look at the reasons why an increasing number of projects are looking to build on the Tezos blockchain.

Tezos price analysis indicates receding bullish momentum from the higher level placed near $1.85. The level formed a multiple resistance barricade for the buyers and poses challenges here.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion. Tezos [XTZ] has performed decently well over the past month.

Tezos the provably green “Proof of Stake” protocol has become a hub for some of the most innovative and groundbreaking new dApps. To celebrate the diversity of projects and teams, Tezos just held a networking event in Paris, France called TezDev.