Tezos Price Analysis: XTZ gains over 12% in recent 24 hours, now it’s time for retreat

• XTZ/USD becomes the best-performing altcoin f the day out of top-20.
• Tezos developer creates a prize pool to fight the novel virus.

Tezos (XTZ), now the 10th largest digital asset with the current market value of $2.26 billion, has gained nearly 13% in recent 24 hours and became one of the best-performing assets out of top-20. At the time of writing, XTZ/USD is changing hands at $3.24, off the intraday high of $3.33. Tezos bottomed at $2.51 on February 27, though it is still well below the recent top created at $3.94. Tezos has an average daily trading volume of $237 million, which is higher than the recent figures.

XTZ/USD: Technical picture

From the intraday point of view, XTZ/USD needs to stay above the psychological $3.00 to retain positive bias. This area is reinforced by SMA100 4-hour; if it is broken, the sell-off may continue towards $2.80 with a combination of SMA20 and SMA 200 (4-hour chart) and the recent low of  $2.51.

On the upside, a sustainable move above $3.33 will allow for an extended recovery towards $4.00. This psychological barrier is strengthened by the recent high located on approach. 

XTZ/USD 4-hour chart

Tezos developer incentivize the community to help medical research project

Tezos developer, Johann Tanzer, has set a prize pool worth $1,000 for those who contribute digital resources to a popular medical research project Folding@home focused on protein folding structures. These findings will help fight a novel coronavirus (COVID-19) and other severe diseases like cancer, Ebola, Zika, Alzheimer’s, etc. The project is run by  Pande Lab, which is a part of Stanford University, and the Stanford University Medical Centre.

According to Tanzer, he has been supporting the project for years. He invites users to lent their computing power to the project to speed up the research.  At the end of the month, on March 30, he will choose the participant with the most lent computing power.

Many other cryptocurrency projects and blockchain startups seek to help to fight the deadly virus that has already taken lives of thousands of people. Cryptocurrency exchanges like Binace and Huobi set up dedicated charity funds, while projects like TRON provide humanitarian supplies.