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Tezos Approaches The ‘Mumbai Upgrade’, What’s Next For XTZ?

Tezos (XTZ) network is readying itself for its latest upgrade, called the ‘Mumbai Upgrade.’ On January 17, Nomadic Labs, which is a blockchain developer within the Tezos community, mentioned the Tezos protocol proposal, Mumbai, which is headed toward the implementation process.

This will be the 13th upgrade made to the Tezos network. This upgrade will implement various new features. The main features include transfer tickets between accounts and a much shorter block time of 15 seconds.

Further, this upgrade will add Epoxy, a new technology on Mainnet, which is precisely a validity rollup that can also be referred to as a new layer 2 scaling solution.

The Mainnet will gain further strength due to Epoxy, which introduces SNARKs’ proof-of-validity, which will be the reason for quicker transactions.

This 13th upgrade, which is called the ‘Mumbai Upgrade’ will be implemented after a number of tests are carried out. However, once implemented, the system will get closer to Tezos’ target of achieving one million transactions per second, according to the Nomadic Lab’s report.

The implementation of the upgrade will, as a consequence, increase the value of Tezos’ native token XTZ. The price of the altcoin, XTZ, has reacted positively to this development. XTZ experienced a price reversal, but the altcoin has since resumed its bullish momentum.

Tezos Price Analysis: One-Day Chart

Tezos

XTZ was trading at $0.99 at the time of writing. Although the coin started to retrace over the 48 hours, it has regained bullish momentum on the chart. The altcoin has formed a prominent cup-and-handle trading pattern, which is an extension of bullish momentum.

This change in price momentum can be attributed to the announcement of the ‘Mumbai Upgrade’. Immediate resistance to XTZ stands at $1.02, but the coin is expected to retrace to $0.97.

Once it reaches the $0.97 mark, Tezos can target $1.19, which will mean an 18% appreciation. Over the last week, the coin managed to surge over 8%. The amount of XTZ traded in the last session increased, signifying an increased amount of buying.

Technical Analysis

Tezos

XTZ had secured a multi-month high with regard to the buying pressure it witnessed. The Relative Strength Index (RSI) touched the 80 mark a few trading sessions ago, signifying an overvalued tendency.

Often, a coin that is overbought experiences a price correction and a fall in demand; Tezos also displayed the same, but at press time, the RSI again noted an uptick.

This uptick could mean that the altcoin might head back close to the 80-mark. This unusual uptick can be because of the newest development.

On the same note, XTZ rose above the 20-Simple Moving Average (SMA), which indicated that buyers were driving the price momentum.

The coin was above the 50-SMA (yellow) line too. So with increased accumulation, XTZ can soon breach the 200-SMA (green) line.

Overall, Tezos remains quite optimistic on the chart; however, the coin has to remain above its local support line of $0.97 for the uptrend to continue.

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Tezos (XTZ) Breaks Out Of A Falling Wedge As Price Could Hit $2 Mark

  • XTZ’s price shows a spark of strength as price breaks out from a descending triangle as price eyes $2 with good volume. 
  • XTZ continues in a range-bound downtrend movement as the price aims to breakout. 
  • The price of XTZ continues to trade below the 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. 

Despite market uncertainties that have affected the prices of many altcoins in recent weeks, the price of Tezos (XTZ) has remained strong. Tezos (XTZ) has held firm ahead of a breakout from its long downtrend, with the price indicating a possible rally to $2. Bitcoin (BTC) price bounced off its low of $19,100 to $19,600 as it attempted to rally to a high of $20,000; this could mean relief bounces for most altcoins. (Data from Binance)

Tezos (XTZ) Price Analysis On The Weekly Chart.

Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the Tezos network, XTZ has attracted the attention of traders and investors with its unique use case as many look for opportunities to buy.

The bear market has had a fair share of the price of XTZ, as the price of XTZ dropped from a high of $8 to a weekly low of $1.2, where the price was able to form good support to hold sell-offs due to panic.

The price of XTZ, after forming good support, price rallied to a high of $2, and the price was rejected to $1.4 despite showing great strength to break and close above this resistance. The rejection of XTZ from this region has led to the price range to build more buyers other than a break out of this range. 

Weekly resistance for the price of XTZ – $2.

Weekly support for the price of XTZ – $1.2.

Price Analysis Of XTZ On The Daily (1D) Chart
Daily XTZ Price Chart | Source: XTZUSDT On Tradingview.com

On the daily timeframe, the price of XTZ remains below its key resistance level of $2; despite bouncing off its daily low, the price of XTZ faces a test to break above $2.

In an attempt to break out above $2, the price of XTZ has been thrown into a downtrend range movement, forming a descending triangle as the price attempts to break out with good volume.

If the price of XTZ breaks and holds above $1.52, we could see a good volume rally to as high as $2, but if the price of XTZ fails to breakout, the price could be rejected back into its $1.2-range.

Daily resistance for the XTZ price – $1.52.

Daily support for the XTZ price – $1.2.

Featured Image From zipmex, Charts From Tradingview 

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Tezos (XTZ) Price Movement Indicates Looming Price Drop

Tezos seems to be heading south. As of this writing, XTZ trades at $1.61 following a 3.10% boost in price seen overnight.

XTZ’s relative strength index and volume have declined and isn’t showing any signs of bullish movement.

As of press time, XTZ movement ceases to be dubbed as an impulse wave. This means that Tezos is now moving towards a back slide.

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Tezos Hints At Bearish Movement

The bearish streak has been obvious in Tezos price last week with early signs that the coin’s price will have the tendency to break through the ascending trendline.

Tezos breaches the support line on July 26. Currently, the price reveals an intra-hour upturn following increased trading activity. XTZ volume is still relative low plus the RSI isn’t giving away any bullish hints.

Meanwhile, the bearish thesis will only be dismissed once XTZ price breaches the above $1.61. So, if the bulls’ impetus forcibly pushes the Tezos price over this zone, then that’s the only time the price can shoot to a high of $1.65; which is roughly a 7% jump from its current price.

To date, XTZ is trading around $1.60 following a 3.10% pump in price seen overnight. Even though XTZ price has soared today, Tezos has still declined by 10.75% in the past few days.  

Current CoinMarketCap data reveals that XTZ remains to be the 37th largest cryptocurrency in terms of market capitalization or just ahead of HBAR that happens to be in the 38th place and behind SAND, currently in the 36th place.

More so, the 24-hour trading volume outlook for XTZ still shows a drop of 30.94% or $42,498,623.

XTZ total market cap at $1.47 billion on the daily chart | Source: TradingView.com
XTZ Price Bound For A Major Retreat

XTZ Price is bound for a shrill drop targeting $1.19. A sharp correction is on the horizon. Tezos has been very consistent with showing its bearish junction since the last trading week of this month.

XTZ has failed to hold it at the $1.62 due to very low buying pressure. So, if the coin price closes below $1.50, it will target $1.55 next.

XTZ price is seen to frame itself into a Flag and Pole pattern which is inherently bearish. The coins is seen to be fortifying close towards the $.70 resistance level.

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Moreover, the XTZ price drifts under the 50-day EMA or Exponential Moving Average at $1.67. Additionally, the drop in volume as the price pumps up serves as a warning for the bulls. It has been tested time and again that the formation of Flag and Pole pattern usually hints a sharp drop.

On the hourly charts, XTZ price has found a support close to $1.56. It formed the Bat pattern which is bullish and points to a short-term inversion apparent on the higher side. With that being said, the anticipated upside target will be at $1.65 and then $1.70 next.

On the flip side, a slight shift in the bearish movement would mean the target will be at $1.55.

Featured image from Unsplash, chart from TradingView.com

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Tezos Price Prediction: XTZ Up Nearly 80% From January Lows

Tezos (XTX) has had a tough few months, but things are looking up for this blockchain cat patent-pending coin. Unfortunately, after slumping to an all-time low at the start of January and then climbing back up over 80% by early February – it seems like there’s not much more room left in its recovery.

The Tezos (XTZ) recovery has been nothing short of impeccable. The coin has come from six-month lows to report gains of over 80%. Moreover, it’s’s gone up almost threefold in just the last few weeks. At one point, XTZ was even testing $5.

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While many coins feel the pressure due to increased tensions between Europe and America, Tezos has taken a significant hit. The coin has been down nearly 26% in the last 11 days and stands below key support at $3.2 and could potentially test further down towards medium-term supports at lower levels or even next weeks’ lows near 2 USD per XTZ.

In response to politics changing rapidly across both regions of our world, investors may be giving pause before adding new currency onto their portfolios–especially ones that were once considered safe-haven assets like gold or dollars.

Tezos price reached its support value of $3.2 today | Source: XTZ/USD Chart on Tradingview.com

The crypto markets are still choppy waters, and there’s no telling what might happen next. That said, we do need to watch out for XTZ because if buyers didn’t push the price above $3.2, that would mean more selling pressure on weak coins, which could lead them down even further than before.

About XTZ

Tezos (XTZ) is the most promising smart contracts platform in existence right now. The design of Tezos promises to offer better operations than Ethereum. Moreover, increased investor interest and a high rating from market experts make it worth keeping an eye on.

Related Reading | Ethereum Price Falls Amid Global Tensions

The XTZ has been a top performer in the cryptocurrency market, registering an impressive gain this year. It is indeed one of those cryptocurrencies you should consider adding to your portfolio. Especially when considering its current market value, which rests at 2.6 billion dollars.

Future Of Tezos (XTZ)

There is no way to know what the future will bring, but analysts and traders use algorithms for short-term investments like predictions about cryptocurrency prices or long-term forecasts. For example, we can predict whether a specific token like Tezos seems promising by looking at these mathematical models.  The Modules calculate how profitable it would be if I put all my money into this particular project now vs. waiting until later when its price may go up even more than expected.

The price of Tezos has truly somersaulted in a year that saw its XTZ trend transform from the beginning towards the end. The coin’s history is quite impressive. There are many opportunities for growth around alliances with all said and done. New partnerships would bring this crypto to life as it becomes a center stage on earth where investors can see their investments thriving.

 

                Featured image from Flickr, the chart from TradingView.com

 

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Increased NFT Demand Triggers Tezos Transactions And Smart Contract Activity

Recently, the Tezos network has been experiencing progressive growth in its smart contract addresses and adoption for the past 12 months.

This is majorly linked to non-fungible tokens as the primary driver for the increase. Hence, with the move, Tezos stands as viable competition to Ethereum in terms of NFT minting and its markets.

Non-fungible tokens, NFTs, are recently gaining more attention within different sectors. More businesses and even celebrities embrace this digital asset for various reasons that satisfy their purposes.

From creating expressions and awareness to generating non-profitable funds to enhancing community engagement and interactions, the use of NFTs continues.

Just like cryptocurrencies, NFTs are created with smart contract technology. So, they could maintain a decentralized character by having no interference with third parties. This has also increased the activities of some blockchains that engage in developing non-fungible tokens.

Related Reading | Bitcoin On Track To $50K, Why BTC Whales May Blaze The Trail

One of the competitive advantages for Tezo is the high fees on the Ethereum network. This pushes both NFT developers and investors to look for alternatives, of which Tezos is one of them. In addition, the Tezos network boasts a portal for all its NFT marketplaces that it professes to be Carbon-Neutral. Also, fees at the network are meager.

Moreover, there have been some controversial environmental issues surrounding NFT minting and trading on networks with Proof-of-Stake (PoS) consensus mechanism. Tezos got a wide applaud as a unique platform that handled these issues.

Impacts Of The Rise In NFT On Tezos

Recently, the report from ‘State of the Network’ of Coin Metrics disclosed that the number of smart contract transactions rose within the last 12 months from 10,000 daily as obtainable in January 2021 to over 50,000 daily. According to the report, the observable growth is attributed to some NFT platforms.

One of the great platforms is FX Hash, a generative art site that has increased interest. Also, there is Ubisoft, a gaming giant, that declared Tezos support for its gaming NFTs in December 2021.

Furthermore, Tezo’s active addresses have reached an all-time high of more than 45,000. Subsequently, there’s a tripling of active smart contract addresses, which was below 200,000 to above 600,000 for the past 12 months. This explains the surge in NFT and DApps operating on Tezos.

Inclusive in the research is the total number of daily transactions under the category of Other Transactions. The report revealed that from August 2021, there was a spike in the figure.

Tezos stands at $4.04 | Source: XTZUSD on TradingView.com

This was after Tezos launched an upgrade that splashes block times in half. This has raised the daily transaction numbers from previously being 40,000 to 250,000, and it’s still within this level presently.

Related Reading | The Bear Signal That Suggests Another Bitcoin Crash Is Coming

The report also gave a chart of addresses with a least of 1 XTZ token. It has exceeded 300,000, showing an increase of 150% of its value last year.

Launched in 2018 as an energy-efficient PoS blockchain, Tezos validates and adds new blocks to its chain known as Baking on the network.

Featured image from Nairametrics, chart from TradingView.com

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Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

Crypto Finance, Inacta, and InCore Bank have combined to form the Swiss financial trio, and they have joined forces in establishing financial products regulated on Tezos.

The three Switzerland firms focus on crypto; they use the Tezos blockchain to provide institutions tokenized assets. Their major target is to serve and satisfy institutional clients.

FINMA is partnering with Inacta and InCore Bank to provide regulated financial products with the recent tokenization process. The company announced this on Tuesday, adding that the process will follow the standard of Tezos FA2.

FINMA is the Swiss Financial Market Supervisory Authority is the Swiss government body responsible for financial regulation.

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It’s a licensed cryptocurrency trading firm established in 2007 with Mark Branson as the CEO. Their services include the supervision of banks, stock exchanges,  insurance companies, securities dealers, and other financial intermediaries in Switzerland.

InCore Bank had announced the onboarding of institutional-grade staking, storage, and trading services. This would be for XTZ, the Tezos blockchain native cryptocurrency.

The Tezos blockchain

Tezos is an open-source Proof of Stake, a decentralized blockchain network capable of executing peer-to-peer transactions. In addition, it serves as a platform for deploying smart contracts with the Tez as its native crypto represented as XTZ.

Tezos was among the first blockchains to integrate a proof-of-stake consensus system in 2018. Tezos has its foundation located in Switzerland, similar to other public blockchain foundations.

Crypto Finance acts as the provider of the infrastructure on the project while InCore Bank carries out tokenization. The Bank would use the new ‘DAR’ standard of 1 token on Tezos built by Inacta.

According to Stijn Vander Straeten, Swiss regulators are not far from issuing approval to the first tokenized product on Tezos.

Stijn Vander Straeten is the CEO of Crypto Finance (Infrastructure Services) AG in the Crypto Finance Group.

Before joining the firm, Stijn worked for a fintech bank in Zug as the CEO. He has thirteen years of experience in the banking, wealth, and asset management sectors, holding various positions in senior management.

Areas To be Tokenized on Tezos

Vander Straeten revealed their plans while talking about the areas to be tokenized on XTZ. He stated that We would definitely kick start with the simpler ones, mostly in private debt. Then we will gradually move into the private area of equity.

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However, the XTZ ecosystem slacks the aspect of development, though it barely reflects on the price of the XTZ token.

The XTZ token trades at $5.56 in downward momentum | Source: XTZUSD on TradingView.com
Featured image from Pixabay, chart from TradingView.com