The Tezos (XTZ) price is showing a long-term bullish pattern within a crucial support area, but it has not been confirmed by short-term movement yet. The Tezos blockchain recently implemented its fourteenth upgrade, called “Nairobi,” which brings improvements such as faster transaction speeds and a new fee mechanism based on network usage. The upgrade also enables continuous and automatic upgrades for Tezos’ Smart Rollups, a scaling tool for faster network usage. Despite the upgrade, the XTZ price did not increase this week, but the weekly time frame still looks bullish with a bounce back from a yearly low and a bullish candlestick. The RSI is bullish, with considerable bullish divergence indicating a potential trend reversal. However, the daily time frame is still unclear, as the XTZ price trades below a descending resistance line and the RSI is still below 50. The future price trend will likely be determined by whether the XTZ price breaks out from the line or gets rejected. A successful breakout could lead to a price increase, while rejection could result in a drop to a new yearly low.
Continue reading on Beincrypto.com
