XTZ has seen bullish momentum since late September 2021, culminating in an all-time high of $8.81 on 3 October 2021.
Tezos (XTZ) continues to grow as the overall market experiences double-digit losses. Year-over-year performance saw it increase 243% from September 27, 2020 to September 27, 2021, reaching $ 6.8895 per token. Tezos is showing bullish signals, not showing signs of allowing down at the time of writing. It has shown a monthly upward trajectory, as it has risen 62.9% from $ 5.30 in the past 30 days.
On Wednesday, 29 September 2021, the Relative Strength Indicator of Tezos showed a substantial bearish divergence, even though the trend for Tezos remained largely bullish from a technical perspective. It started trading in a tighter symmetrical triangular pattern the week before. Early on Wednesday, XTZ was worth $5.51 after a few days of steady decline. It now sits at $ 8.62, according to CoinMarketCap. Tezos is currently trading at a 24-hour volume of $2307420323. The last time XTZ broke the $ 8 mark was in May 2021, but this could not be sustained due to a market meltdown, causing it to drop to $ 2,430 before falling. close at $ 3,606.
Upgrade and staking contribute to bullish behaviour
Tezos is a self-amending layer 2 proof-of-stake blockchain, created by Morgan Stanley and Arthur Breitman, that can upgrade itself through an in-protocol amendment process that does not require a hard fork. The latest upgrade was implemented in August 2021, and includes a reduction in block time and gas consumption. The reduction in transaction costs attracted new users to the network, which had a positive impact on the price. Official data from Tezos as of September 26, 2021 showed that 76.16% of the total supply was staked on the network. Staking would lead to a limited number of tokens on the market, and aid in inducing an upward trend in price.
The Tezos dApp space is growing
Since Tezos is a Layer 2 blockchain built on top of Ethereum, it is possible to use smart contracts and build dApps on top of it. It has a smart-contract language, called Michelson, and Tezos smart contracts received 5.8 million calls in October, as opposed to 3.2 million calls in September. Development activity on Tezos dApps has accelerated and currently has around 135 projects and dApps in development on its network.
