Cryptocurrency Tezos (XTZ) has had an eventful 48 hours after the project’s team announced that they had partnered with Google Cloud. The partnership will enhance the growth of web3 application development and provide new services for its customers. It will allow all Google Cloud customers to become Tezos validators through the blockchain’s proof of stake algorithm.
Mason Edwards, chief commercial officer at Tezos Foundation, told TechCrunch:
Tezos as an ecosystem has built a reputation in institutional and B2B onboarding. This is going to enable us to onboard institutions and even more massive institutions into this space. This is going to be jet fuel and octane for that.
James Tromans, Engineering Director, Web3 at Google Cloud, added:
At Google Cloud, we’re providing secure and reliable infrastructure for Web3 founders and developers to innovate and scale their application. We look forward to bringing the dependability and scalability of Google Cloud to power Web3 applications on Tezos.
Tezos (XTZ) Erases All FTX Losses
The partnership between Google Cloud and Tezos has thus resulted in a normal knee-jerk reaction to the price of the XTZ/USDT pair. The digital asset has since posted a local peak of $1.49 and looks to keep rising, as seen in the one-day XTZ/USDT chart below courtesy of Tradingview.com.
Also, the chart shows that Tezos (XTZ) has erased all its losses due to FTX’s collapse in early November. The digital asset is also in bullish territory above the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
However, its daily MFI (green) and RSI (red) have entered overbought territory and could signal a pullback for Tezos in the coming days. If a pullback occurs, Tezos (XTZ) could drop to the 200-day moving average that currently coincides with the $1.26 support level.
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