{"id":16429,"date":"2023-01-19T15:52:38","date_gmt":"2023-01-19T19:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=16429"},"modified":"2023-01-19T15:52:38","modified_gmt":"2023-01-19T19:52:38","slug":"tezos-approaches-the-mumbai-upgrade-whats-next-for-xtz","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/19\/tezos-approaches-the-mumbai-upgrade-whats-next-for-xtz\/","title":{"rendered":"Tezos Approaches The \u2018Mumbai Upgrade\u2019, What\u2019s Next For XTZ?"},"content":{"rendered":"

Tezos (XTZ) network is readying itself for its latest upgrade, called the \u2018Mumbai Upgrade.\u2019<\/a> On January 17, Nomadic Labs, which is a blockchain developer within the Tezos community, mentioned the Tezos protocol proposal, Mumbai, which is headed toward the implementation process.<\/p>\n

This will be the 13th upgrade made to the Tezos network. This upgrade will implement various new features. The main features include transfer tickets between accounts and a much shorter block time of 15 seconds.<\/p>\n

Further, this upgrade will add Epoxy, a new technology on Mainnet, which is precisely a validity rollup that can also be referred to as a new layer 2 scaling solution.<\/p>\n

The Mainnet will gain further strength due to Epoxy, which introduces SNARKs\u2019 proof-of-validity, which will be the reason for quicker transactions.<\/p>\n

This 13th upgrade, which is called the \u2018Mumbai Upgrade\u2019 will be implemented after a number of tests are carried out. However, once implemented, the system will get closer to Tezos\u2019 target of achieving one million transactions per second, according to the Nomadic Lab\u2019s report.<\/p>\n

The implementation of the upgrade will, as a consequence, increase the value of Tezos\u2019 native token XTZ. The price of the altcoin, XTZ, has reacted positively to this development. XTZ experienced a price reversal, but the altcoin has since resumed its bullish momentum.<\/p>\n

Tezos Price Analysis: One-Day Chart<\/h2>\n

XTZ was trading at $0.99 at the time of writing. Although the coin started to retrace over the 48 hours, it has regained bullish momentum on the chart. The altcoin has formed a prominent cup-and-handle trading pattern, which is an extension of bullish momentum.<\/p>\n

This change in price momentum can be attributed to the announcement of the \u2018Mumbai Upgrade\u2019. Immediate resistance to XTZ stands at $1.02, but the coin is expected to retrace to $0.97.<\/p>\n

Once it reaches the $0.97 mark, Tezos can target $1.19, which will mean an 18% appreciation. Over the last week, the coin managed to surge over 8%. The amount of XTZ traded in the last session increased, signifying an increased amount of buying.<\/p>\n

Technical Analysis<\/h2>\n

XTZ had secured a multi-month high with regard to the buying pressure it witnessed. The Relative Strength Index (RSI) touched the 80 mark a few trading sessions ago, signifying an overvalued tendency.<\/p>\n

Often, a coin that is overbought experiences a price correction and a fall in demand; Tezos also displayed the same, but at press time, the RSI again noted an uptick.<\/p>\n

This uptick could mean that the altcoin might head back close to the 80-mark. This unusual uptick can be because of the newest development.<\/p>\n

On the same note, XTZ rose above the 20-Simple Moving Average (SMA), which indicated that buyers were driving the price momentum.<\/p>\n

The coin was above the 50-SMA (yellow) line too. So with increased accumulation, XTZ can soon breach the 200-SMA (green) line.<\/p>\n

Overall, Tezos remains quite optimistic on the chart; however, the coin has to remain above its local support line of $0.97 for the uptrend to continue.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Tezos (XTZ) network is readying itself for its latest upgrade, called the \u2018Mumbai Upgrade.\u2019<\/a> On January 17, Nomadic Labs, which is a blockchain developer within the Tezos community, mentioned the Tezos protocol proposal, Mumbai, which is headed toward the implementation process.<\/p>\n

This will be the 13th upgrade made to the Tezos network. This upgrade will implement various new features. The main features include transfer tickets between accounts and a much shorter block time of 15 seconds.<\/p>\n

Further, this upgrade will add Epoxy, a new technology on Mainnet, which is precisely a validity rollup that can also be referred to as a new layer 2 scaling solution.<\/p>\n

The Mainnet will gain further strength due to Epoxy, which introduces SNARKs\u2019 proof-of-validity, which will be the reason for quicker transactions.<\/p>\n

This 13th upgrade, which is called the \u2018Mumbai Upgrade\u2019 will be implemented after a number of tests are carried out. However, once implemented, the system will get closer to Tezos\u2019 target of achieving one million transactions per second, according to the Nomadic Lab\u2019s report.<\/p>\n

The implementation of the upgrade will, as a consequence, increase the value of Tezos\u2019 native token XTZ. The price of the altcoin, XTZ, has reacted positively to this development. XTZ experienced a price reversal, but the altcoin has since resumed its bullish momentum.<\/p>\n

Tezos Price Analysis: One-Day Chart<\/h2>\n

XTZ was trading at $0.99 at the time of writing. Although the coin started to retrace over the 48 hours, it has regained bullish momentum on the chart. The altcoin has formed a prominent cup-and-handle trading pattern, which is an extension of bullish momentum.<\/p>\n

This change in price momentum can be attributed to the announcement of the \u2018Mumbai Upgrade\u2019. Immediate resistance to XTZ stands at $1.02, but the coin is expected to retrace to $0.97.<\/p>\n

Once it reaches the $0.97 mark, Tezos can target $1.19, which will mean an 18% appreciation. Over the last week, the coin managed to surge over 8%. The amount of XTZ traded in the last session increased, signifying an increased amount of buying.<\/p>\n

Technical Analysis<\/h2>\n

XTZ had secured a multi-month high with regard to the buying pressure it witnessed. The Relative Strength Index (RSI) touched the 80 mark a few trading sessions ago, signifying an overvalued tendency.<\/p>\n

Often, a coin that is overbought experiences a price correction and a fall in demand; Tezos also displayed the same, but at press time, the RSI again noted an uptick.<\/p>\n

This uptick could mean that the altcoin might head back close to the 80-mark. This unusual uptick can be because of the newest development.<\/p>\n

On the same note, XTZ rose above the 20-Simple Moving Average (SMA), which indicated that buyers were driving the price momentum.<\/p>\n

The coin was above the 50-SMA (yellow) line too. So with increased accumulation, XTZ can soon breach the 200-SMA (green) line.<\/p>\n

Overall, Tezos remains quite optimistic on the chart; however, the coin has to remain above its local support line of $0.97 for the uptrend to continue.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-16429","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=16429"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16429\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16429"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}