Despite the bloodbath in the leading cryptocurrencies, Tezos (XTZ) is making cautious gains, even though it has lost over 16% of its value over the past 24 hours. At the time of writing, XTZ/USD is trading at around $4.04.

With a market cap of over $3.5 billion, the smart contract platform is ranked as the 37th most popular cryptocurrency on CoinMarketCap as on date. With the recent rise in popularity for DeFi among investors, Tezos remains in the spotlight, garnering attention as one of the most successful staking platforms.

XTZ has been on the rise after F1 team Red Bull Racing Honda announced that Tezos will be its official blockchain partner. The F1 team is planning to launch its original NFTs on the network, as per an announcement made earlier in the day.

On the fundamental side, XTZ/USD is also enjoying support from a leading Chinese crypto asset management platform Cobo’s plans to expanding the accessibility of the Tezos network among corporates in Asia. The collaboration with an Asia-based public blockchain consultancy TZ APAC will now allow international corporate clients of Cobo Custody to store XTZ securely and integrate the token on their platforms conveniently.

Key Levels to Watch

Although fundamentals are offering much promise, technical analysis of the 4-hour price chart reveals an immediate bearish bias in this cryptocurrency. Leading indicators MACD and momentum point to more selling pressure in the near-term.

For now, the price sits well below the immediate level of interest that stays at $4.9. Tezos will have to see significantly higher buying interest to take the price up to this level and beyond for a bullish momentum to build up.