The Tezos price has done well in the past few days. The XTZ price jumped by more than 10% in the past 24 hours and is trading at $4.30. This price is the highest it has been since May 21 and is about 105% above the lowest level in July this year. It has a market capitalization of more than $3,6 billion, making it the 42nd biggest coin in the world.
What is Tezos?
Tezos is a leading proof-of-stake blockchain project that offers peer-to-peer transactions using XTZ, the native token. The project was started a few years ago when the developers raised more than $230 million through their Initial Coin Offering (ICO).
What started as a privacy-focused coin has evolved to become a leading ecosystem that even enables smart contracts. This was achieved through its several upgrades. The most recent upgrade, Granada, happened in August this year. The new upgrade led to several bug fixes, liquidity banking, and gas improvements.
Other previous updates were Florence that happened in May, Edo that happened in February, and Delphi that took place in September last year.
The Tezos price has recently rebounded, helped by the overall performance of cryptocurrencies. Bitcoin has already jumped to $50,000, meaning that it has risen by $20,000 in the past few months. Similarly, Ethereum has risen to more than $3,300 while Cardano has achieved a market cap of more than $89 billion.
Tezos price prediction
The daily chart shows that the XTZ price formed a double-bottom pattern at $2.1215 in July. Since then, the coin has jumped substantially and even moved above the 61.8% Fibonacci retracement level. It has also risen above the 25-day and 50-day exponential moving averages (EMA). At the same time, the MACD has been in a strong bullish trend.
Therefore, the coin will likely maintain the bullish run as investors target the next key resistance at $5. This price is about 15% above the current level. On the flip side, a drop below the support at $4.0 will invalidate the bullish view.