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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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Top Stars Line Up To Support Environmentally Friendly NFT Platform OneOf

Marketplace OneOf sets its sights on disrupting the NFT industry with its goal of reforming the fan experience. The platform was designed to cater to musicians and their fans, even children and teenagers, through a user-friendly experience.

Crypto as a whole, not just NFTs, carries many negative connotations, including being overly complex and environmentally damaging. But OneOf seeks to change that through its eco-friendly and charitable ethos and by enlisting help from the glitterati.

OneOf Calls On The Stars

OneOf has the backing of music industry mogul Quincy Jones, who has secured the support of a string of popular artists. The list includes Doja Cat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, Alesso, and Whitney Houston’s estate.

The project has been two years in the making and recently raised $63 million in a seed round with backing from Bill Tai. Tai is a Silicone Valley venture capitalist involved with numerous tech startups, including Zoom and Dapper Labs, which created CryptoKitties.

OneOf describes itself as “A green NFT platform built for music artists and fans.” Running on the Tezos network, it takes advantage of low fees and its Proof-of-Stake consensus mechanism to offer a better all-round experience for users and the environment.

“Deeply committed to a sustainable blockchain future, OneOf will donate a percentage of revenue from every sale to a charity of the artist’s choice, or an environmental cause partner.”

The majority of the NFT ecosystem runs on Ethereum, which suffers from high gas fees, making minting and transfer expensive. Ethereum also operates on a Proof-of-Work chain, meaning the mining process is energy-intensive. OneOf claims to be 2 million times more energy-efficient than other Ethereum-based NFT marketplaces.

Instagram Looking To Get In On Non-Fungibles

The latest market data from OpenSea shows interest in NFTs is cooling. March 2021 was the platform’s best-ever sales month, bringing in $150 million. But the following month saw a 38% slump in sales.

“On OpenSea, a major NFT marketplace, monthly sales were $93.6 million in April, having hit almost $150 million in March, compared to $95 million in February and $8 million in January.”

A similar pattern was reported by both Nifty Gateway and NBA Top Shot.

Despite that, as evidenced by NFTs holding their own during the recent crypto crash especially gaming-related items, some argue that NFTs are a better investment than cryptocurrency.

Reports from China claim the NFT sector over there is booming. So much so that Alibaba launched a digital art auction last week.

Add to that rumors of Instagram coming out with their own platform, and it’s clear that NFTs still hold appeal at the board level.

The social media giant is said to be early stages of designing its NFT platform. The firm has apparently reached out to artists inviting them to a panel discussion.