Manchester United confirmed a £20m sponsorship deal for their training kit based on blockchain platform Tezos in early February. The price of Tezos dropped from above $5, stood at $2.64 on February 24, recovered in March standing at around $3.
Tezos XTZ/USD has weakened from the recent highs above $4.5, registered on 10th February, below $3, and the current price stands at $3.16.
The partnership with Manchester United
Tezos is an open-source platform for assets and applications, and the main characteristic of this platform are smart-contract safety, long-term upgradability, and open participation.
Smart contracts on this platform are mathematically verified and reliable, while the formal verification of smart contracts is also available.
Tezos can adopt new technological innovations without sacrificing community consensus, and it continuously adds new capabilities within the space through its upgrade mechanism.
Its modular architecture and formal upgrade mechanism minimize disruptions, and because of this, developers can deploy more complex applications.
Tezos has become significantly more attractive for DeFi applications because Tezos’ Proof-of-Stake requires significantly less energy and cost to operate compared with Proof-of-Work blockchains like Bitcoin or Ethereum.
Active community governance and participation are very important for this project, and it is important to say that users can actively participate by evaluating, proposing, or approving amendments to Tezos.
Many important projects have already collaborated with Tezos, and according to the latest news, Manchester United has selected Tezos as its blockchain of choice. Manchester United reported:
The partnership will introduce Manchester United fans to Web3 technology through the Tezos blockchain. The partnership will also include several new fan experiences built on the Tezos blockchain and a pledge to support Manchester United Foundation with ongoing donations in XTZ.
Tezos tokens have the symbol XTZ and to interact with this blockchain platform, you should use Tezos tokens. Tezos experienced tremendous growth in its user activity last year, and the price of XTZ has reached levels above $9 in October 2021.
Since then, the price has weakened, daily trading volume remains weak; still, Tesoz is a project that has a future, and the price of this cryptocurrency could advance again at levels that we saw in October 2021.
Current support stands at $3
The cryptocurrency market is advancing this Wednesday; Bitcoin’s price went above $42000, but technically looking, Tezos (XTZ) still remains under pressure.
Tezos (XTZ) is currently trading very close to the current support level at $3, and if the price breaks it again, the next target could be at $2.5.
On the other side, if the price jumps above $4 resistance, the next target could be around $5, but traders should use “stop-loss” and “take profit” orders when opening their positions because the risk remains high.
Tezos is an open-source platform for assets and applications that can adopt new technological innovations without sacrificing community consensus. Tezos (XTZ) is currently trading above the support level that stands at $3 but technically looking; it still remains under pressure.