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TEZOS Price Analysis: XTZ Token Retests The Bullish Breakout

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  • XTZ Token price breaks out of the long coming ascending resistance trendline and is now retesting it.
  • The rising EMAs cast a strong possibility of a bullish crossover of 200 and 50 days EMA.
  • The pair of XTZ/BTC trades at 0.00009853 BTC with an intraday gain of +8.05%.
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XTZ Token price broke the $4 mark before finding resistance near the $5.4 mark. However, the supply near the $5.4 mark pushed the price lower back to the resistance trendline that may be perceived as a retest of the bullish channel breakout.

Investors might observe a bullish rally of around 20% to 30% if the price manages to sustain the bullish momentum. However, in a bearish breakthrough, a downfall of the same negative percentage could be expected.

Currently, the XTZ Token price is valued at $4.55, with a +7.91% gain in the market cap within the past 24 hours, projecting an inclining growth rate as the price breaks out of the parallel channel. 

The intraday trading volume of Tezos has increased by more than 240% in the past 24 hours, indicating a fall in interest of investors.

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Falling Prices Threaten XTZ Growth

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The solid supply zone is pushing the price down, resulting in the XTZ token price fall from the $5.4 mark. However, the 20-period EMA may hit soon, acting as an entry point for bullish investors.

According to the price action analysis, the coin may see demand at the $4.15 and $3.15 support levels. However, in a bullish growth scenario, the price could encounter resistance at $5.4 or $6.

The significant EMAs on the 4-hour chart all bullish project sentiments as they move in a bullish direction. These EMAs may provide support in case of a bearish downfall.

As the RSI slope drops and trails below the overbought area, the relative strength indicator (Bullish) projects a slight fall in the underlying bullishness.

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As the price falls, the ADX indicator indicates a rising trend.

Conclusion – XTZ Token Price may soon rise higher than the $5.4 as the price retests the resistance trendline. Investors may find this retest as an excellent entry point due to the lucrative risk to reward ratio.

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Tezos Price Analysis: XTZ could break past the $7.5 mark if bulls persist

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  • Tezos price analysis is bearish for the next 24 hours.
  • Tezos saw a bounce from $6 support today.
  • Further upside currently gets rejected.

The market is presently rejecting any higher development in the direction of $7.5, which was a strong support earlier this week. As a result, we anticipate XTZ/USD to make another attempt to test the $7.0 support in the near future.

Over the past day, the market as a whole has been in the green. Bitcoin has climbed 1.85 percent, while Ethereum has advanced just 0.36 percent. Meanwhile, Solana (SOL) is the standout performer, increasing by 16%.

Tezos price movement in the last 24 hours: Tezos bounce from the $6 mark

After a recent decline against the US dollar, OST/USD is now pushing higher. The pair was up over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has been pretty low this morning; as of

XTZ/USD 4-hour chart: XTZ to go for another test of the $6 support?

On the hourly chart, we can see that the Tezos price has failed to move significantly higher today, suggesting another bearish trend overnight.

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Tezos Price Analysis: XTZ could break past the $7.5 mark if bulls persist 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos has appreciated this month, with bullish momentum returning. After a drop to $4 on the 7th of September, a new sizable swing highlow was established.

On September 14th, XTZ/USD was up 100 percent to $8. However, the market did not remain there for long; instead, it reversed in the days that followed.

The Tezos price dropped 25 percent on Monday, with $6 serving as a support the day before. XTZ/USD has had a modest upward swing today, with bearish momentum returning over the past hours.

Tezos Price Analysis: Conclusion 

For today, November 13, the Tezos price analysis is bearish. Bulls were unable to propel the market higher than $6.7 today, therefore we anticipate XTZ/USD to decline overnight and attempt to recover at $6.

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Read our articles on Wrapped Bitcoin and NFT Marketplace while you wait for Tezos to progress further.

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Proposal for Tezos’ 8th Protocol Upgrade Hangzhou is Announced

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Tezos’ 8th protocol upgrade Hangzhou is underway as the proposal for the upgrade has been announced by the Global Tezos community.

In a blog post on Tuesday, September 21, the Tezos team said that the Hangzhou proposal features several major improvements to the protocol, as well as numerous minor improvements. These improvements include timelock, views, cache, global table of constants, context, and liquidity baking.

According to a separate blog post explaining the Tezos’ 8th protocol upgrade by Nomadic Labs, Marigold, Oxhead Alpha, Tarides, and DaiLambda, the teams who developed the proposal, Hangzhou true name is its hash, which is

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PtHangzHogokSuiMHemCuowEavgYTP8J5qQ9fQS793MHYFpCY3r.

The upgrade is named after the capital of East China’s Zhejiang province, Hangzhou. This name is given to the upgrade because it has now become a dynamic economic zone, and is considered a major technological and innovation hub.

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What Hangzhou Upgrade Features?

Some of the major improvements that this upgrade will bring to Tezos protocol include:

Views

According to the teams involved, views are a new kind of entry point for smart contracts that will allow smart contracts to read the storage of other smart contracts.

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Timelock

Timelock is a kind of encryption that will allow a smart contract to include a countermeasure against Block Producer Extractable Value.

Global Table of Constants

The blog post describes this as:

“The global table of constants can be used by smart contract developers to register Michelson (the language of smart contracts in Tezos) expressions as “constants” and reference them in contracts. This allows developers to create larger and more complex contracts than they otherwise could. It will also serve as the foundation for smart contracts libraries in Tezos.”

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Cache

According to the teams, adding cache feature will directly increase the throughput of Tezos by providing faster access to regularly accessed data and will lower the associated gas cost.

Context Flattening and Liquidity baking

Context flattening is the rewriting of the network’s database internals that will optimize storage use, and enable future optimizations to speed up the processing of blocks and operations.

According to the blog post, liquidity baking “extends the sunset period of liquidity baking to correspond to the next upgrade proposal. Without this, the subsidy would halt during the lifespan of this protocol.”

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Tezos’ 8th protocol upgrade will also have many other minor improvements.

No other blockchain has upgraded as many times as Tezos. Hangzhou is the fourth Tezos protocol in 2021, following Edo, Florence, and Granada. If the Hangzhou upgrade proposal is adopted, it will follow the 7th Granada upgrade that went live on August 6th, 2021.

When Hangzhou will go live, it will set the stage for the next upgrade that is reported to introduce a new consensus algorithm that will bring fast finality to Tezos.

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Tezos Announces Hangzhou Upgrade Proposal

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Tezos is ready to implement the Hangzhou upgrade.

Tezos blockchain has received its newest upgrade proposal for the global Tezos community. The Hangzhou proposal sets the Tezos ecosystem up for the upcoming 2022 consensus upgrade and also introduces a number of new technical tools and patches.

The proposal was named after the global technology and innovation hub located in China—Zhejiang province. The update was presented with the usage of on-chain governance that allows network updates without hard forks.

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The constant development of Tezos at the protocol level has led to the expansion of Tezos’ Dapp system. By decreasing transaction costs and time, builders have more possibilities for building and developing apps on top of the Tezos blockchain. In general, it has led to the increased growth of the Tezos community in recent months. Recently, Tezos reached over three million contract calls and set numerous records in DeFi and NFT metrics, doubling last month’s results.

The most recent upgrade proposal brings several major upgrades to the protocol. The new upgrade presents views that offer the possibility for smart contracts to read other smart contracts and cache results with lower gas costs. The upgrade will also add a Global Table of Constants that will be used to allow smart contract developers to register Michelson expressions as constants. This means that they will be able to build more complex contracts and libraries based on Tezos.

To optimize the functioning of smart contracts on the network, the upgrade brings Context Flattening, which allows optimization of block processing and operations. In addition to that, the network welcomes Liquidity baking, which allows for a more stable transition to the next upgrade proposal.

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Tezos already has seven upgrades since last month’s Granada upgrade. The network has also faced a record number of interactions than ever before, which means that more people are using Tezos. The main reason for this is protocol upgrades that are possible through on-chain governance.

The Hangzhou proposal was developed by Marigold, DaiLambda, Nomadic Labs, Tarides and Oxhead Alpha.

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