The Tezos price has been rallying for the past month. The coin has jumped more than 100% from its highest level this year in January. Its current total market capitalization stands at $3.17 billion. The XTZ token ranks as the 43rd largest crypto, sandwiched between IOTA and Bitcoin SV.
Tezos is a smart contract and a decentralized application platform. XTZ has its own native smart contract language called Michelson. It is among the fastest growing blockchain platforms due to its security, energy efficiency, and community governance. Tezos’ exceptional blockchain led to several high-profile partnerships to the Tezos ecosystem, including McLaren and Red Bull Racing.
For the past few weeks, the Tezos network has undergone several activities. The network’s seventh upgrade, Granada, was successfully launched recently. The upgrade followed the sixth upgrade, Florence, which doubled the number of maximum operations on the platform.
The Granada launch saw the Tezos price edge higher. Granada aims at reducing gas consumption for smart contracts. Following the release of the upgrade, the Tezos network has received more than 10 million contract calls. The spike in contract calls on the network demonstrated that the Tezos community is one of the fastest growing in the current crypto market.
The network is expected to launch the eighth upgrade before the end of this year. Tenderbake, the new consensus algorithm is expected to speed up finality.
Just like most altcoins, the Tezos price has been on a bullish trajectory since the start of August. Along the way, it has formed a double bottom pattern, reinforcing the bullish view.
On the daily chart, it is trading above the 25 and 50-day exponential moving averages. XTZ hit an intraday high of $3.8944 before pulling back to $3.7690.
The bulls need to gain momentum to push the price past the $4.00 level. If this happens, the next target will be the psychological level at $5.00. However, a move below the 25-day EMA at $3.2300, will invalidate this view.