For the past month, the Tezos price has been on an up run, ranking it among the best performing digital currencies. The XTZ coin has jumped more than 34.87% in the last seven days. Tezos has a total market capitalization of $4.7 billion, ranking it as the 30th most valued digital asset. It is slightly above EOS and slightly below Aave.
The Tezos price has rallied 176% after hitting its lowest level in July. The coin has jumped nearly 41% over the weekend. However, the coin’s total volume traded in the last 24 hours fell more than 27% to $790 million. Notably, the coin’s traded volume jumped past the $1 billion mark, before pulling back.
The Tezos network has undergone seven successful upgrades since it was launched in 2017. Granada was the most recent upgrade on the network, launched on August 6. The upgrade included a reduction in the block time from 60 seconds to 30 seconds. It also introduced liquidity banking, thus boosting the XTZ price.
The real-world adoption of the Tezos network also boosted its price. Crypto Finance AG and Swiss business-to-business transaction bank InCore recently adopted Tezos. The two large banking institutions plan to launch a new tokenization tool on the network.
Analysts have also linked XTZ’s rally to the attractive staking opportunities in the network. Most of the tokens have been removed from circulation to help perform consensus in return for staking awards. The rewards entice token holders to stake their coins on the network.
Analysts seem optimistic about the coin’s performance in the upcoming months.
Tezos Price Forecast
The daily chart indicates that the Tezos price has been on a strong bullish trend. At the time of writing, the price was down 6.21% at $5.524. It hit an intraday high of $6.00 before pulling back.
It is trading above the 50 and 200-day moving averages, which is a bullish indicator. Its Relative Strength Index (RSI) is also higher at 67, indicating that more buyers are joining the market.
Therefore, I expect the price to extend its rally as bulls target this year’s highest level at $8.440. This will be possible if more buyers join the market and push the price past the key resistance level at $6.00. On the flip side, a move below the 200 DMA will invalidate this view.