The Tezos price retreated on Tuesday as the strong crypto rally took a breather. The XTZ price was trading at $2.8125, which was slightly below this week’s high of $3.10. It has a market capitalization of more than $2.4 billion making it the 43rd biggest cryptocurrency in the world. Other digital currencies like Bitcoin, Neo, Iota, and BitTorrent have also retreated.
Tezos news. The biggest Tezos news is that the company is launching a community grant program in a bid to boost innovation in its ecosystem. The program’s goal will be to support builders and innovators who have embraced the network. The grants will be available around the world and will be coordinated through hubs in India, Israel, Africa and others.
The developers announced the grant program at a time when the network has gained substantially. Its activity has jumped by more than 1,200% and contracts calls have risen to more than 2 million per month. This growth has been helped by the platform’s six upgrades that have helped reduce gas prices, increase speed, and improve token standards.
Community grants are an effective mechanism that blockchain projects use to spur growth in their networks. Indeed, most of the well-known brands like Cardano, Polkadot, and Crypto.com have such programs.
Like all cryptocurrencies, Tezos has not been left behind in the recent sell-off. Its price has declined by more than 66% from its all-time high. Recently, however, the price has bounced back and is about 33% above the lowest level this year. It is also approaching the 78.6% Fibonacci retracement level while it remains below the 50-day moving average but it has crossed the 25-day MA. It is slightly below the upper side of the descending channel.
Therefore, a complete rebound will be confirmed when the coin moves above the 50-day MA. If this happens, the next key level to watch will be the 61.8% retracement level at $4.20, which is about 50% above the current level. The alternative scenario is where the price retreats and retests the lower side of the channel.
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