Why Tezos Price Bulls Keep ‘Roaring’ And intimidating Other Top Altcoins?

By John Isige
Published March 6, 2020 Updated March 6, 2020
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Why Tezos Price Bulls Keep ‘Roaring’ And intimidating Other Top Altcoins?

By John Isige
Published March 6, 2020 Updated March 6, 2020
  • Tezos surges 18% since the dip to $2.5250 in February.
  • Tezos community votes-in a network upgrade that saw the gas limit increase.

Tezos (XTZ) has a way of keeping investors, traders and cryptocurrency enthusiasts on their toes guessing what move it is going to make next. While the majority, if not all cryptocurrencies are trading at levels higher compared to those in December last year, Tezos is among the cryptoassets (if not the only one) that have traded new all-time highs in 2020.

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Tezos spiked from $1.2270 (traded on January 1, 2020) to $3,94 (all-time highs). However, the bearish wave that has been sweeping through the crypto market since February saw it dive to $2.5250 (recent low). The trading in March has been massively yielding for Tezos compared to other altcoins in the market. XTZ/USD is up 18% from the recent low (February) to teeter at $3.0824 (market value).

Tezos Surges In The Wake Of “Carthage” Protocol Upgrade

The Tezos community managed to vote-in the implementation of the network upgrades, “Carthage” that is said to have greatly contributed to the surge in price. The latest upgrade has helped to fix issues associated with the previous protocol version. The current protocol, 006 saw the network leave, Babylon protocol to Carthage at block 851,961. Key features brought into place included an increase in gas limit and fixes applied to the previous version.

XTZ/USD 1-hour chart

XTZ/USD price chart
XTZ/USD price chart by Tradingview

At the time of writing, XTZ is trading at $3.12 but a growing bullish momentum suggests that a return to levels above $3.30 is in the offing. The momentum is supported by the up-trending RSI. Tezos is supported by channel support, the 50 SMA as well as the 61.8% Fib level at $3.0291.

Tezos Key Levels

Spot rate: $3.13

Relative change: $0.0431

Percentage change: 1.14%

Trend: Bullish

Volatility: High

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1116 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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