XTZ price outlook as Mumbai upgrade goes live on Tezos
Tezos price is poised between key suppport around $0.97 and major resistance at $1.28.
XTZ bulls could target $2 in April if price breaks higher, or seek support at $0.70.
The Tezos blockchain welcomed its 13th network upgrade dubbed Mumbai.
The price of Tezos (XTZ) is down roughly 6.2% in the past 30 days, with declines of 1.2% seen in the past 24 hours. The market has largely been stable as far as XTZ price goes, with XTZ/USD hovering just above $1.10 since the retreat from highs of $1.50 in February.
Tezos price is down 70% this past year, and more than 87% off its all-time highs of $9.12 reached in early October 2021.
Tezos’ Smart Rollups go live via 13th protocol upgrade
Tezos is a proof-of-stake (PoS) blockchain designed to be self-evolving or self-amending with adoption.It means the blockchain undergoes several upgrades as it looks to increase security and decentralisation.
Tezos’ liquid proof-of-stake consensus mechanism allows for the staking of XTZ, which is called baking. Holders of XTZ can earn rewards when they “bake” to help keep the network secure.
After introducing updates to optimistic rollups and consensus keys via its 12th upgrade dubbed Lima in December 2022, Tezos announced on Wednesday the next upgrade – Mumbai – was live. The main update from this 13th upgrade to the blockchain is the introduction of Smart Rollups.
Welcome to #Mumbai – @Tezos ‘ 13th protocol upgrade.
Designed to Evolve. Built to Empower.#Tezos #BlockchainEvolved pic.twitter.com/gAPQqPYfKq
— Tezos (@tezos) March 29, 2023
The upgrade introduces a layer-2 scaling solution that will bump the network’s transaction throughput, with block time reduced from 30 seconds to 15. Apart from enabling faster transaction processing, Mumbai also enhances the security and integrity of decentralised applications (dApps) built on Tezos.
XTZ price outlook
The price of XTZ is retesting the support of a downtrending line on the 4-hour chart. While there is decent demand around $1.06, the 4-hour RSI is dipping below 50.
Tezos price on the 4-hour chart. Source: TradingView
As such, a breakdown from the downtrend line could increase selling pressure and see XTZ/USD seek fresh impetus from around $0.97. Beyond this, Tezos could rely on the robust support expected near $0.70.
On the upside, the key resistance zone to turn into support is around $1.28. If this happens amid increasing buy pressure, bulls can target $1.50 and then $2.00 in April.
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