The Tezos price has surged to an all-time high. The XTZ price rose to $8.4558, bringing its total market value to more than $5.9 billion. It is now the 29th biggest cryptocurrency in the world and sits between PancakeSwap and IOTA.
What happened: Tezos price is surging as traders wait for the upcoming upgrade to the system. The developers will launch Florence, its sixth biggest upgrade in the next few days.
This upgrade will be focused on implementing new bug fixes and improvements like increasing the maximum operation size, gas optimization, and deep gast execution order. It will also include an elimination of the test chain activation. In the past, most cryptocurrencies usually rise ahead of a major upgrade.
Tezos price forecast
On the daily chart, we see that the Tezos price has been on a strong upward trend recently. Today, the price rose to an all-time high of $8.4558 and then pulled back. This is a notable price since it is along the upper side of the ascending channel that is shown in black. The upward trend is also being supported by the 25-day and 50-day exponential moving averages while the RSI is approaching the overbought zone of 70.
Therefore, the outlook for XTZ at this point is neutral. More upside will be supported if it manages to move above the upper side of the channel. If this happens, we cannot rule out a climb to $10. However, there is another scenario. With the price sitting at an important resistance, we can’t rule out a major pullback to the lower side of the channel at around $5.5.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.