The Tezos Foundation incentivizes developers as XTZ turns bullish

The Tezos Foundation launched a cryptocurrency faucet to incentivize developers to build their smart contracts on top of the Tezos protocol.

In a recent blog post, the Tezos Foundation announced the release of a faucet for the Tezos mainnet.

"This faucet allows developers and users to request Tezos tokens to be used on the Tezos main network. This is real tez and has a market value. Please drink responsibly."

The release of a faucet for the Tezos mainnet can be seen as a new way to encourage software developers to build their decentralized applications on this network.

Following the sell signal, Tezos plunged over 8 percent.

If Tezos is indeed bound for a further upward advance, it will first have to break through the significant level of resistance given by the 50 percent Fibonacci retracement level.

A spike in the selling pressure behind XTZ could jeopardize the bullish outlook.

If Tezos closes below the 23.6 percent Fibonacci retracement level, it could pull back to $1.24.Moving forward.

The Tezos Foundation is making significant strides to encourage the developers' community to build their smart contracts and decentralized applications on top of the Tezos blockchain.

The success of the faucet has yet to be seen, but XTZ is presenting different bullish signals that could propel it into higher highs.