XTZ is up by more than 9%, outperforms the market

The cryptocurrency is trading in the red zone again, with most cryptocurrencies recording losses at the moment. 

The cryptocurrency market has had a poor start to the day. The market lost more than 2% of its value earlier today but is slowly recovering and is only down by 1.25% at the time of this report

The total cryptocurrency market cap stands above $950 billion. Bitcoin, the world’s leading cryptocurrency, is down by 1.3% in the last 24 hours. BTC dropped below the $21k psychological level a few hours ago but is now trading above $21,100.

Ether has maintained its price above $1,200 despite losing 0.7% of its value in the last 24 hours. 

XTZ, the native token of the Tezos blockchain, is one of the best performers amongst the top 40 cryptocurrencies by market cap. XTZ is up by more than 9% in the last 24 hours and currently trades at $1.65 per coin.

The catalyst behind XTZ’s positive performance could be the launch of the Open Web Forum 2022 Hackathon. The hackathon, organised by HackerEarth, is powered by Tezos.

📣 @HackerEarth‘s Open Web Forum 2022 #Hackathon is here, powered by @Tezos!

Join creatives w/ technical skills to develop innovative #Web3 solutions and build games on #Tezos where you can journey through an ecosystem full of unique #DApps.

Registration closes July 18! ⤵️

— Tezos (@tezos) June 27, 2022

Key levels to watch

The XTZ/USD 4-hour chart is currently bullish as Tezos is performing positively. The technical indicators show that XTZ is outperforming the other major cryptocurrencies. 

The MACD line is within the positive territory, indicating bullish momentum. The 14-day relative strength index of 66 shows that XTZ could soon enter the overbought region.

If the rally continues, XTZ could surge past the $1.73 resistance level soon. However, it would need the support of the broader market to trade above $1.9 for the first time in two weeks. 

XTZ could drop below the $1.5 support level if the bears regain control of the market in the short term. However, XTZ should comfortably defend its position above the $1.34 support level over the coming hours.