Tezos (XTZ) price tried to stay above $ 3.00 after a 5-month high of $ 3.40.
Fundamental analysis: imToken announces support for Tezos
Ethereum and Bitcoin wallet imToken announced its support for Tezos. The announcement marks another contribution to the popular phenomenon that involves consolidating digital value storage in crypto assets and transferring them through digital wallets.
Tezos is one of the PoS blockchains that introduces the next generation of financial networks and governance systems for all types of businesses. Under these new financial networks, users can receive rewards based on the size of their contributions.
Tezos uses a consensus mechanism called the Liquid Proof of Stake (LPoS) protocol to protect security on its network in a more environmentally friendly and cost-effective way compared to Bitcoin, which requires high computing resources to secure the network.
“This integration with imToken not only continues the transformation of payment transactions, but also allows the community to continue to develop and advance the Tezos protocol,” said David Shin, director of TZ APAC.
Tezos integration will help users to secure the network by assigning their theses to imToken and other validators in the Tezos ecosystem. Validators are responsible for securing the network on behalf of wallet users.
“Ethereum has been our focus from the very beginning, but with PoS chains gaining popularity due to their lower transaction costs and energy efficient uses, our users want more PoS chains to try and use,” said Ben He, CEO of ImToken.
He added that the introduction of Tezos will introduce a self-changing governance mechanism that represents the latest technology.
Technical analysis: How long does the correction take in XTZ?
Tezos price has dropped nearly 20% since it hit a 5-month high near $ 3.40. While the digital asset was traded about 8.5% lower this week, it has increased by about 40% since the beginning of this month.
The price action tried to stay above the $ 3.00 level, even though it provided a daily close above this line. A pullback in Bitcoin facilitated a correction in altcoins as well, with short-term support at around $ 2.50 where the 200-DMA sits. This is probably seen as an opportunity for XTZ investors to get on the positive side of the market.
Chinese digital wallet imToken announced the integration of the public blockchain Tezos. Meanwhile, XTZ has corrected nearly 20% of the last few months highs. Going forward, the price action is likely to be traded between $ 2.50 and $ 3.40.