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XTZ Price Prediction: Tezos sell signals indicate 17% correction

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  • XTZ price looks overextended and looks to retrace 17% to $7.24.
  • The bearish divergence between RSI and price adds credence to the bearish thesis.
  • The MRI is also flashing a preemptive sell signal, indicating that a downswing is on its way.

XTZ price looks ready for a downswing as two significant sell signals erupt on the 12-hour chart. While Bitcoin price consolidates, things are looking indecisive for Tezos and the altcoin market.

XTZ price prepares for a pullback

XTZ price set up three higher highs since September 15, while the Relative Strength Index (RSI) created two lower lows. This forking between the price and the momentum indicator suggests that the recent run-up was built on a weak foundation and that a retracement seems likely.

Moreover, the Momentum Reversal Indicator (MRI) flashes a yellow ‘down’ arrow, suggesting that any ascent from here is likely to spark a red ‘one’ sell signal, which forecasts a one-to-four candlestick correction.

The immediate support level at $7.24 is the viable candidate that can harbor the incoming selling pressure, limiting the correction to 17%.

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However, the bulls will get a chance at around $7.24 to kickstart an uptrend. Failing to do so could give sellers an upper hand, extending the downswing to $6.49.

This leg would represent a 25% descent for XTZ price and would help cool down the overbought RSI into at least the neutral or oversold territory, where the buyers can scoop up the asset for a discount, restarting an uptrend.

XTZ/USD 12-hour chart

XTZ/USD 12-hour chart

On the other hand, if the buying pressure kicks in, pushing the RSI to 75, it would invalidate the bearish divergence. However, this move would invoke the MRI to flash a sell signal, which the buyers need to overcome.

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If the bid orders spike sufficiently, Tezos could break free from the short-term bearish outlook and produce a higher high above $9.17, invalidating the pessimistic scenario.

Such a move would likely propel XTZ price to $12.39, coinciding with the 161.8% trend-based Fibonacci retracement level.

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McLaren Racing Announced ‘McLaren Racing Collective’ NFT Platform on Tezos

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McLaren Racing, the popular British motor racing team, has launched ‘McLaren Racing Collective’, a non-fungible tokens (NFTs) platform, on the Tezos blockchain platform.

McLaren announced the news in a press release on Wednesday, October 20. According to the announcement, ‘McLaren Racing Collective’ will be a global community of collectors and fans served through an innovative digital platform, where fans can buy McLaren Racing digital collectibles in the form of non-fungible tokens (NFTs).

The platform will serve as McLaren Racing’s official location for numerous opportunities to own a piece of McLaren Racing for the long term. The first series of McLaren Racing NFTs will be dropped on Sunday, October 24. According to the announcement, the first drop will feature “different digital components of the MCL35M 2021 Formula 1 race cars, originated from the McLaren Racing CAD system.”

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Lindsey Eckhouse, director of Licensing, eCommerce, and esports at McLaren Racing, said:

“The first NFT drop heroes our papaya-liveried MCL35M F1 car. This will give our fans a fantastic opportunity to collect and see each component from every angle while allowing them to win incredible experiences and prizes.”

The first digital component will be gifted for free to the first 5,000 fans who join the collective platform. An MCL35M 2021 Formula 1 car will require 22 NFT components to complete that will be released in five releases. In the first drop on October 24, 4 components will be released. After this initial drop, fans can purchase one or multiple components as they release in an effort to collect all 22 to assemble the fully digital MCL35M race car. The first person to complete a full MCL35M will win a VIP trip to the 2022 Formula 1 Grand Prix.

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The launch of McLaren Racing Collective doesn’t come as surprise as an NFT platform by McLaren Racing was announced much earlier in June 2021. As Crypto Economy reported, in June, McLaren Racing choose Tezos as its official technical partner to create an NFT platform across Formula1, INDYCAR, and esports.

McLaren Racing’s NFTs will be listed on Sweet, an NFT marketplace that has recently been integrated with Tezos. In an announcement on Thursday, October 21, Sweet said that McLaren Racing NFTs will be the first collection listed on its platform.

indsey Eckhouse commented:

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“We are excited to launch the McLaren Racing Collective, which will help us engage our fans in an innovative new space. Collaborating with our partner Tezos, we are creating new ways to evolve our fan experience through a bespoke McLaren Racing digital collectible marketplace.”

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Sweet NFT Platform Integrates Tezos, Welcomes McLaren Racing NFTs

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  • Sweet NFT platform integrates Tezos.
  • Tezos brings McLaren Racing Collective NFT fan experience to Sweet.
  • All three brands value sustainability through innovation.

The leading enterprise NFT solutions provider — Sweet, happily announces the integration of Tezos onto its platform. Tezos is a leading Proof-of-Stake (PoS) blockchain network known for its sustainability and simple upgrades.

This integration means that the Tezos collection enters the Sweet NFT Platform. In turn, this unveils the arrival of the highly-gamified McLaren Racing Collective NFT fan experience onto Sweet. Thus, McLaren Racing fans can now collect unique McLaren F1 car parts and begin building their unique NFT McLaren F1 car on Sweet, powered by Tezos.

Accordingly, Sweet is establishing exciting ways for brands to bring digital collectibles to their audiences. By adding support for Tezos, Sweet unlocks a whole new wave of growth. To elaborate, perks for the leading NFT marketplace include energy efficiency and scalability.

Not to mention, Sweet will open the doors to welcome the alive and active Tezos NFT community. Therefore, Sweet’s highly intuitive and user-friendly NFT Marketplace and wallet is set to boom.

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Furthermore, the integration will allow all McLaren Racing fans to collect, sell, and create Tezos NFTs on Sweet. Fans can even reserve a complimentary McLaren Racing NFT right now on  McLarenRacingCollective.com. However, they must do so before October 24th.

CEO of Sweet — Tom Mizzone says,

McLaren Racing is revolutionizing the digital collectibles space by providing fans with unprecedented views of the MCL35M car parts as true 3D NFTs that can be spun around, fidgeted with, and viewed from all angles. Additionally, McLaren Racing has gamified the entire collectors’ experience as their fans race to collect all the individual 3D car components to unlock the interactive 3D MCL35M Formula One car and access unique fan experiences.

More so, Mizzone says that the entire McLaren Racing Collective on Tezos is built for its eco-friendliness. In fact, its compatibility with NFTs is great with broad-scale use cases and applications. Lastly, Tezos allows Sweet to continue prioritizing and maintaining a seamless, user-friendly digital collecting experience. Thus, Sweet expects to see a large move into Tezos NFTs across many marketplaces and IP holder verticals.

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As for McLaren F1 fans building their McLaren F1 car via the McLaren Racing’s immersive and gamified NFT experience, there is much to explore. In detail, each part will have its own scarcity. Thus, there will be enough parts available only to assemble 35 complete NFT cars.

Likewise, the first batch of collectible parts will include the right-wing mirror, the left-wing mirror, the FR wheel, and the FL wheel. These will be out on October 24, 2021, right during the time of the US Grand Prix in Austin, Texas on Sweet.

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Popular F1 Team McLaren Racing Launches NFTs Platform on Tezos

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The popular and second oldest active F1 team has joined the NFT craze by launching its digital arts collection on the Tezos blockchain

British motor racing team, McLaren Racing, has recently announced the launch of its non-fungible tokens (NFTs) platform, where fans and digital art collectors can purchase its digital collectibles. The new endeavor will be built on the popular Tezos blockchain.

McLaren Joins the NFT Craze

According to a press release shared with CryptoPotato, the NFT platform, which is dubbed “McLaren Racing Collective,” will serve as a way for the team’s fans and other enthusiasts “to own a piece” of the motor racing giant.

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The first NFT drop will feature different digital parts of the MCL35M 2021 Formula 1 race car built from the official McLaren Racing CAD, which fans and collectors can purchase.

Commenting on the launch, Lindsey Eckhouse, Director, Licensing, eCommerce and eSports, McLaren Racing, said,

“We are excited to launch McLaren Racing Collective, which allows us to engage our fans in an innovative new space. Through NFTs built on the energy-efficient Tezos blockchain, we are creating new ways to evolve our fan experience, and a bespoke McLaren Racing digital collectible marketplace provides people with a brand new way to connect with our team.”

To mark the launch of the Mclaren Racing Collectibles platform, the team has decided to gift the first digital part of the MCL35M race car to the first 5,000 fans who join the platform.

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Subsequently, collectors can purchase the remaining parts until they get all 22 components needed to assemble the digital model of the race car.

McLaren Racing plans to release the digital collectibles in five stages, with each phase consisting of four different parts. The initial drop will be available on Sunday, October 24.

Interestingly, the first collector to fully assemble the digital model of the MCL35M race car will be privileged to go on a VIP trip to a 2022 Formula 1 Grand Prix.

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McLaren NFTs Will List on Sweet

To support eco-friendly crypto projects while providing users with the best digital collecting experience, the McLaren Racing Collective platform is built on the energy-efficient blockchain network, Tezos, which was integrated into the leading enterprise NFT solutions provider, Sweet, earlier today.

This means that with the release of McLaren’s digital collectibles, the team will join the list of top Sweet partners across the globe.

McLaren also noted that the MCL35M collectibles drop will be the first of many such events and campaigns, as it looks to integrate the NFT marketplace into its long-term fan engagement strategy.

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Subsequently, collectors can purchase the remaining parts until they get all 22 components needed to assemble the digital model of the race car.

McLaren Racing plans to release the digital collectibles in five stages, with each phase consisting of four different parts. The initial drop will be available on Sunday, October 24.

Interestingly, the first collector to fully assemble the digital model of the MCL35M race car will be privileged to go on a VIP trip to a 2022 Formula 1 Grand Prix.

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McLaren NFTs Will List on Sweet

To support eco-friendly crypto projects while providing users with the best digital collecting experience, the McLaren Racing Collective platform is built on the energy-efficient blockchain network, Tezos, which was integrated into the leading enterprise NFT solutions provider, Sweet, earlier today.

This means that with the release of McLaren’s digital collectibles, the team will join the list of top Sweet partners across the globe.

McLaren also noted that the MCL35M collectibles drop will be the first of many such events and campaigns, as it looks to integrate the NFT marketplace into its long-term fan engagement strategy.

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