Tezos News Archives - CryptoSens

Tezos price prediction: a look at XTZ and network metrics

Benson Toti — Wed, 26 Jul 2023 07:01:40 +0000

Tezos (XTZ) price is down 2% this past week as cryptocurrencies struggle for direction.
XTZ trades near $0.80 and risks declines to $0.65 if bears take control.
However, network metrics suggest a resurgence in activity after recent upgrades – which could catalyse upside momentum.

Tezos is largely unchanged in the past 24 hours as most cryptocurrencies either retreat from recent highs or consolidate at levels that have held for much of July.

XTZ, which traded to highs of $0.90 on Monday, looks to be in the former group as its price hovers near $0.80. The coin’s current price levels are at a similar base seen on July 12 when bulls went on to test resistance above $0.92.

Tezos upgrades could catalyse network growth

According to data shared by crypto market intelligence platform Messari, Tezos has seen reduced activity since Q4, 2022. Account-related metrics such as active accounts have declined by 20% in the last three months compared to the first quarter.

The network has also recorded a decrease in new account registrations, with this down 16% QoQ, Messari pointed out in a report.

However, according to Messari, Tezos’ recent upgrades of Mumbai and Nairobi could catalyse fresh network growth. For instance, Mumbai has enabled decentralised app development via different languages, a scenario that will attract more developers to build on the network.

5/ Additionally, the recently released #Nairobi upgrade added notable features including an up to 8x increase in TPS, new functionality for Smart Rollups, a renaming of endorsements to attestations, faster propagation of pre-attestations, and more.

— Messari (@MessariCrypto) July 25, 2023

The Nairobi upgrade is another development that could bump usage, particularly with the TPS increased 8x and introduction of Smart Rollups among other improvements. Can these positives help XTZ price?

XTZ price prediction

As shown in the chart below, the price of Tezos’ native token has largely fluctuated between $0.65 and $1.2 since November 2022. But with a breakdown below $1 in recent weeks, it looks like bears could aim for the range lows again.

Tezos price on a weekly chart.Source: TradingView

The weekly RSI is beneath the neutral point and sloping to strengthen the bearish outlook. However, bulls can still take control if they push towards the psychological area mentioned above.

Here the 20 and 50 EMA suggest robust resistance at $0.98 and $1.26. Tezos bulls can target $2.0 if they achieve the above.

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XTZ price outlook as Mumbai upgrade goes live on Tezos

Benson Toti — Fri, 31 Mar 2023 03:03:06 +0000

Tezos price is poised between key suppport around $0.97 and major resistance at $1.28.
XTZ bulls could target $2 in April if price breaks higher, or seek support at $0.70.
The Tezos blockchain welcomed its 13th network upgrade dubbed Mumbai.

The price of Tezos (XTZ) is down roughly 6.2% in the past 30 days, with declines of 1.2% seen in the past 24 hours. The market has largely been stable as far as XTZ price goes, with XTZ/USD hovering just above $1.10 since the retreat from highs of $1.50 in February.

Tezos price is down 70% this past year, and more than 87% off its all-time highs of $9.12 reached in early October 2021.

Tezos’ Smart Rollups go live via 13th protocol upgrade

Tezos is a proof-of-stake (PoS) blockchain designed to be self-evolving or self-amending with adoption.It means the blockchain undergoes several upgrades as it looks to increase security and decentralisation.

Tezos’ liquid proof-of-stake consensus mechanism allows for the staking of XTZ, which is called baking. Holders of XTZ can earn rewards when they “bake” to help keep the network secure.

After introducing updates to optimistic rollups and consensus keys via its 12th upgrade dubbed Lima in December 2022, Tezos announced on Wednesday the next upgrade – Mumbai – was live. The main update from this 13th upgrade to the blockchain is the introduction of Smart Rollups.

Welcome to #Mumbai – @Tezos ‘ 13th protocol upgrade.

Designed to Evolve. Built to Empower.#Tezos #BlockchainEvolved pic.twitter.com/gAPQqPYfKq

— Tezos (@tezos) March 29, 2023

The upgrade introduces a layer-2 scaling solution that will bump the network’s transaction throughput, with block time reduced from 30 seconds to 15. Apart from enabling faster transaction processing, Mumbai also enhances the security and integrity of decentralised applications (dApps) built on Tezos.

XTZ price outlook

The price of XTZ is retesting the support of a downtrending line on the 4-hour chart. While there is decent demand around $1.06, the 4-hour RSI is dipping below 50.

Tezos price on the 4-hour chart. Source: TradingView

As such, a breakdown from the downtrend line could increase selling pressure and see XTZ/USD seek fresh impetus from around $0.97. Beyond this, Tezos could rely on the robust support expected near $0.70.

On the upside, the key resistance zone to turn into support is around $1.28. If this happens amid increasing buy pressure, bulls can target $1.50 and then $2.00 in April.

The post XTZ price outlook as Mumbai upgrade goes live on Tezos appeared first on CoinJournal.

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