Tezos price fighting to close above $3.00 in July

Tezos price fighting to close above $3.00 in July
Written by:
Michael Harris
27th July, 08:51
  • China’s state-backed Blockchain-based Service Network has integrated Tezos and five other public chains
  • Tezos price is trading nearly 30% higher in July after a strong performance in the first half of the month
  • XTZ/USD is looking to clear resistance around $3.00 before pushing higher towards 2020 highs

Tezos (XTZ) price has gained nearly 30% in July as buyers fight to force a close above $3.00. Separately, China’s blockchain infrastructure has joined forces with Tezos and  5 other public chains.

Fundamental analysis: China’s push to become the world’s leader

China plans to open its services to dapp developers globally on August 10. This superpower plans to become the only infrastructure provider for blockchain companies on a global scale, a move that reflects the country’s aggressive efforts to expand in new technologies like 5G and AI.

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To this end, China’s state-backed Blockchain-based Service Network (BSN) has integrated Tezos and five other public chains – NEO, Nervos, EOS, IRISnet and Ethereum.

This represents an important plan for China as its efforts to expand in other technologies have been disturbed. Two months ago, the U.S. government ordered Huawei and its suppliers to stop using American technology and software. Britain followed suit and recently banned Huawei equipment from Huawei for 5G technology. 

“We’re thrilled for Tezos to join a cohort of public blockchains that will provide the base layer for companies and software developers building blockchain-based applications in China and globally,” Hubertus Thonhauser, chairman of the Tezos Foundation Council, said. 

“Participating in the BSN is a momentous step forward on the path to wide-scale institutional adoption for the Tezos project.”

The BSN has merged its data centres with six notable decentralized blockchains that work on these chains and will be able to run nodes and applications using BSN-powered resources, such as data storage and bandwidth.

This will mean a lot for the public chains as they will be using BSN’s low-cost services. Moreover, they will be able to work together with other Chinese blockchain firms, as well as use financial data provided by China Union Pay. 

“The move is a milestone as BSN is the first state-backed blockchain infrastructure that is reaching developer communities outside China by integrating with major public chains,” said Yifan He, Chief Executive of Beijing Red Date Technology, a co-founder of BSN. 

The project was first rolled out in China in April, administered by the State Information Center of China (SIC), and backed by state-owned technology corporations China Mobile and China UnionPay, and Red Date, companies that designed BSN’s technical framework. 

Last month, China’s BSN included Chainlink’s oracle functionality into its network.

Technical analysis: XTZ consolidating near the highds

XTZ price has been trading mostly sideways this week as the buyers continue to fight for a weekly and monthly close above the $3.00 mark. If successful, this would be the first week since February that a weekly close was recorded above this level.

Tezos price weekly chart (TradingView)

Looking to the upside, the XTZ buyers are likely to push for a test of the February highs that sit just below the $4.00 handle. Hence, a sustainable break above $3.00 would get more Tezos buyers on board. On the downside, the horizontal support at $2.75 is likely to offer immediate support. 

Summary

Tezos price has been trading mostly sideways last week after a strong performance in the first half of July. China’s blockchain infrastructure, Blockchain-Based Services Network (BSN) has broadened its global reach and integrated with six major public blockchains.

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