Tezos price primed for 15% to 25% gain as Mumbai upgrade elevates its transaction processing time
- Tezos price has traded on its Mumbai upgrade, which went live successfully on Wednesday.
- XTZ took a small slide lower in the past few days.
- With traders grasping what the update means for the future of XTZ, expect more inflow with bulls breaking out.
Tezos (XTZ) price is taunting the odds as it unleashed its thirteenth core protocol upgrade this week. The upgrade, dubbed Mumbai, should lift the processing speed to 1 million transactions per second. It should also make it more secure, flexible and developer-friendly, elements that traders will applaud by buying a stake in the altcoin that could spiral up to $1.40.
Tezos price can start cashing in on its protocol upgrade
Tezos price is still caught between two forces from both bullish and bearish sides with the green and red trend lines as barriers. That investors and traders were awaiting the release of the Mumbai upgrade is seen in the rally on Wednesday with a near 10% gain intraday. Unfortunately, too many technical hurdles were coming together on the top side for a substantial rally higher.
XTZ could still see traders welcoming this upgrade as the procession speed kicks it higher. Expect with the positive newsflow that bulls will have bought at $1.10 and push price action through the 55-day and the 200-day Simple Moving Average (SMA). A clean breakout trade can first see $1.20 and next $1.40 on the topside for a staggering 25% gain.
XTZ/USD 4H-chart
Should another rejection occur near $1.15, bulls might flee the scene, however, and look for an easier altcoin to trade. That would translate itself into XTZ allowing a green ascending trend line break. A full swing lower, breaking $1, could test $0.95 in search of support. Bulls would see a red 15% loss in their trading book if they did not cut their positions by then.