Tezos is among the best gainers in the crypto market in the past 24 hours. The majority of coins made significant gains on Friday, and Tezos was not left behind. The altcoin is currently on a significant rise, and while it is yet to create a new all-time high, its rebound this month has been a remarkable performance.
The token is trading at $5.13 at the time of writing after a 13.6% gain in 24 hours.
Tezos Price Analysis
The coin is a highly functional blockchain, which is why despite the high volatility experienced in the past few weeks, Tezos’ network activity has enabled prices to remain high. Tezos has managed to make a significant uptrend in the past 24 hours, which has placed the coin’s monthly gains at over 80%.
Buyer support remains strong, and we could see tezos maintain the uptrend in the coming days. If this happens, the next resistance that XTZ needs to break out of will be $5.40. This will have created a new monthly high for the altcoin. However, in the coming weeks, strong market bulls need to be formed for XTZ to reclaim a new high beyond $8.
We could also see a slump in XTZ prices, given that market support is weakening because of increased volatility. A dip will lead to XTZ retesting the lower support level of $4.80. This will place XTZ back to trading at the levels created before the surge in the past 24 hours.
At the beginning of this month, the blockchain conducted a forkless Granada upgrade to increase user activity on the network by reducing gas consumption. The upgrade seems to have borne fruit, as Tezos has become a top choice for European banks.
The network has been selected by InCore, Inacta and Crypto Finance Group, which are Swiss financial institutions to help offer better services to users. This is a major adoption for Tezos and has been attributed to the rising prices.
Where to Buy XTZ
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