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  • XTZ becomes the 20th largest coin by market value.  
  • The voting procedure served as a fundamental trigger.  

Tezos (XTZ) outperformed the market with over 13% growth on a day-on-day basis. The coin touched $0.83 handle before retracing towards $0.75 by the time of writing. Tezos surpassed NEM coin and moved to the 20th place in the global cryptocurrency rating. The coin has a market value of nearly $500M and an average daily trading volume of $11M. It is most actively traded on Kraken and against USDT and BTC.  

Tezos has completed the first round of voting aimed to choose one of the two suggested protocol updates. According to developers, this voting is more about a demonstration of the process. No significant changes are implied.  

“It is worth mentioning that even though not radical and super technical, the changes are far from trivial. Take the proposed increase to the gas limit, for instance. It is mostly the change of a constant but just being able to have the community decide on this change is already a breakthrough.”

Read more about Tezos event here.

Looking technically, XTZ/USD retraced from a strongly overbought levels moving within an upside trend. The initial support comes at $0.7176 (SMA50, 30-min). It is followed by $0.71 (the lowest level of the previous hour) and  psychological $0.70. Once below, the sell-off may continue to $0.6550 (SMA100 30-min and SMA50 1-hour).

On the upside, we will need to see a sustainable move above $0.80 and towards the recent high at $0.83.