• Tezos (XTZ) price is down 2% this past week and it trades near $0.80.
• Network metrics indicate a resurgence in activity after recent upgrades, which could catalyse upside momentum.
• XTZ price is largely fluctuating between $0.65 and $1.2 since November 2022 but a breakdown below $1 suggests bearish pressure could take control again.
Tezos Price Prediction: A Look at XTZ and Network Metrics
Recent Price Decline
Tezos (XTZ) price is down 2% this past week as cryptocurrencies struggle for direction. XTZ trades near $0.80 and risks declines to $0.65 if bears take control.
Network Activity After Upgrades
According to data shared by crypto market intelligence platform Messari, Tezos has seen reduced activity since Q4, 2022. However, according to Messari, Tezos’ recent upgrades of Mumbai and Nairobi could catalyse fresh network growth; For instance, Mumbai has enabled decentralised app development via different languages, a scenario that will attract more developers to build on the network; The Nairobi upgrade is another development that could bump usage with the TPS increased 8x and introduction of Smart Rollups among other improvements.
Price Predictions
As shown in the chart below, the price of Tezos’ native token has largely fluctuated between $0.65 and $1.2 since November 2022 but with a breakdown below $1 in recent weeks, it looks like bears could aim for the range lows again unless there are positive catalysts that help drive XTZ prices higher again.
Conclusion
Network metrics suggest a resurgence in activity after recent upgrades – which could help catalyse upside momentum for Tezos price despite its current decline this past week . However , XTZ still needs some positive catalysts to push its prices higher or else risk further declines towards range lows if bears take control again .
Take Away
Tezos (XTZ) price is trading near $0.80 while network activity indicates potential upside momentum due to recent upgrades such as Mumbai & Nairobi; Despite this , prices remain vulnerable as any downside pressure from bears could lead them below range lows of $0.65; Positive catalysts are needed for XTZ prices to move higher or else risk further declines .