Tezos (XTZ) is showing a dip after the bullish moves made in the previous session when the blockchain announced its entry into the esports arena, unveiling a three-year sponsorship deal with club Team Vitality. At the time of writing, XTZ/USD is trading at around $4.30.
The three-year deal with the esports club will see Tezos becoming Team Vitality’s main partner and joining the ranks of other leading sponsors such as Adidas and Corsair. The blockchain’s logo will feature on the team jerseys and will also see it develop applications on its ecosystem for the team, such as NFT collectibles, NFT marketplace, and more.
According to CEO at Team Vitality, Nicolas Maurer, “The opportunities Tezos can bring to strengthen the relationship between us and our fans is incredibly exciting, and we’re immensely proud to have Tezos join us on this journey.”
This is the second partnership the Tezos blockchain has announced in the world of gaming, after striking an NFT deal with leading video game publisher Ubisoft a few weeks ago. The PoS blockchain will enable game players to earn and purchase in-game collectibles on its network via Ubisoft Quartz.
Another promising development that can support the XTZ token is crypto bank Sygnum raising $90 million in its recently concluded Series B funding round. This is of interest to Tezos investors as Sygnum offers staking rewards for Tezos since November 2020 and can build on its services with the new funds.
XTZ/USD Technical Analysis
Technical analysis of the H4 chart of XTZ/USD reveals a bearish bias among moving averages and the MACD. However, the momentum indicator points to some buying interest in the market too.
Tezos is trading just under the pivot point at $4.67 but the immediate support at $4.16 is holding up well for now. We need to see more buyers jump in to take XTZ towards the pivot point and beyond in the near term.