Tezos’ blockchain-enabled voting system Electis gains ground
The native token XTZ is up 8% in the past week
Tezos remains in a clear upward trend allowing higher prices to be achievable
Tezos XTZ/USD is not the biggest winner of the past week. However, it is one of those that has retained profits, up at least 8% in seven days. Expectations of growth in the utility of the blockchain’s native token are driving the wave.
Tezos hasn’t had any significant news lately. However, optimism is growing around the blockchain’s Electis e-voting system. The encrypted and completely anonymous e-voting system with blockchain support has been widely adopted. Since its launch, more than 20,000 votes have used the voting system.
Recently, on July 15, Electis announced that three bodies of the United Nations have started using the voting system. The organizations include YOUNGO, DG7 Youth Constituency and the Women and Gender Constituency. The adoption confirms Tezos as a blockchain of the future. While there are plenty of use cases to be explored, these positive developments could fuel profits.
Tezos maintains a clear uptrend above support
Source – TradingView
Technically, Tezos is trading above a support zone at $1.6. The token is pushing higher from the 21-day moving average. The token is also backed by the 50-day moving average. The MACD indicator shows strong upward momentum.
We expect the current bullish momentum in Tezos to continue. Short corrections to the support are still possible and present buying opportunities. The token will encounter resistance at $2.2. If the level is successfully cleared, the next zone to watch is $2.9.
Tezos token remains in an uptrend after regaining the USD 1.6 support. The token will rise to $2.2 where it is facing major resistance. Investors should take advantage of any short-term retracements.