- Tezos price has stabilized between critical support near $0.97 and major resistance at $1.28.
- The XTZ bulls may target $2 in April or seek support at $0.70 if the price rises.
- The Tezos blockchain has welcomed its 13th network upgrade called Mumbai.
The price of Tezos (XTZ) has fallen about 6.2% over the past 30 days, and has fallen 1.2% over the past 24 hours. As far as the price of XTZ is concerned, the market is generally stable, with XTZ/USD trading just above $1.10 since he retreated from his high of $1.50 in February.
The price of Tezos has fallen 70% over the past year, down more than 87% from its all-time high of $9.12 reached in early October 2021.
Smart Rollup for Tezos goes live with 13th protocol upgrade
Tezos is a proof-of-stake (PoS) blockchain designed to self-evolve or self-correct upon deployment. This means that blockchain will undergo several upgrades to enhance security and decentralization.
Tezos’ liquid proof-of-stake consensus mechanism enables staking of XTZ, known as baking. XTZ owners can earn rewards when they “burn” to keep the network safe.
After introducing optimistic rollup and consensus key updates in its 12th upgrade called Lima in December 2022, Tezos announced Wednesday that its next upgrade, Mumbai, is live. A major update from this his 13th upgrade to blockchain is the introduction of Smart His Rollup.
welcome to #Mumbai – @Tezos ‘ 13th protocol upgrade.
Designed to evolve. Built to empower.#Tezos #BlockchainEvolved pic.twitter.com/gAPQqPYfKq
— Tezos (@tezos) March 29, 2023
This upgrade introduces a layer 2 scaling solution that increases the network’s transaction throughput, reducing block times from 30 seconds to 15 seconds. Mumbai not only enables faster transaction processing, but also strengthens the security and integrity of decentralized applications (dApps) built on Tezos. .
XTZ Price Outlook
XTZ price is retesting the support of the downtrend line on the 4-hour chart. There is demand around $1.06, but the 4-hour RSI is below 50.
Tezos price on a 4-hour chart. Source: TradingView
As such, a breakout from the downtrend line could add selling pressure and see XTZ/USD seek fresh momentum from around $0.97. Above this, Tezos can rely on the strong support he expects near $0.70.
On the upside, the key resistance zone that turns support is around $1.28. If this happens amid increasing buying pressure, the bulls may target $1.50 and then $2.00 in April.
