Will the Upcoming Florence Upgrade Send Tezos (XTZ) on an Uptrend?
Even as the overall crypto market has been enjoying an interesting bull run through most of this year, one particular altcoin that has lagged so far is Tezos (XTZ). But that may be about to change, especially after the blockchain network announced its sixth network upgrade, Florence, being implemented early next week. At the time of writing, XTZ/USD is trading at around 7.83.
This is the second upgrade by the development team in a matter of just three months, offering promising signs that Tezos is serious about bringing the latest offerings and improvements to its users. Florence brings capabilities to increase the operation size for smart contracts, so that it can support more complicated apps.
The Tezos’ self-governing blockchain protocol supports fully functioning smart contracts, making it an exciting alternative to support DeFi and NFT projects. This feature has given the network the moniker of “Ethereum killer”, and has seen engagement levels soaring in recent months especially as it boasts high performance and lower carbon emissions than the world’s second most popularly traded cryptocurrency.
On the technical front, the momentum and MACD indicators are pointing to a bullish bias, suggesting further upside for XTZ. Keep an eye out for the immediate resistance that sits just above $8.30 as a break above this can boost the uptrend in XTZ/USD. However, if the resistance holds and buyers are unable to take the price above this level, the Tezos price can easily decline to $6.80 and even lower towards $6.20, where it could find some support.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals