🔥🔥🔥 #tezos (XTZ) Battles Market Bears, Sees Price Rebound from $0.71 Lows

Tezos (XTZ) has been enduring a bearish trend, marked by a 29% decline year-to-date and a recent 4% drop over the past week. Analysts are closely monitoring a potential upward movement aiming for $0.94, although failure to achieve this could trigger further downside towards $0.60. Currently, XTZ is trading at $0.77, with a significant uptick in accumulation evident as indicated by the Chaikin Money Flow (CMF) indicator, reflecting growing investor confidence amidst volatile funding rates.

Despite ongoing consolidation within the $0.76 to $0.87 range, the market remains uncertain due to mixed signals. Positive funding rates suggest dominance of long contracts, while negative rates point to short contract prevalence, highlighting investor indecision about XTZ's short-term trajectory. Analysts emphasize that a breakout above $0.94 would signal bullish momentum, whereas a failure could potentially lead to a retreat to $0.60.

Beyond price movements, Tezos recently rolled out its 16th upgrade on the mainnet, aimed at reducing block finality times to just 10 seconds. This enhancement, particularly beneficial for the Ethereum Virtual Machine-compatible L2 network Etherlink, positions Tezos competitively against other Layer 2 solutions like Arbitrum and Optimism in terms of transaction efficiency and cost-effectiveness. Arthur Breitman, Tezos co-founder, highlighted the Paris upgrade's improvements, emphasizing Etherlink's enhanced user experience and competitive advantage in transaction finality over leading Ethereum L2 solutions.

Moreover, the upgrade introduces the Data Availability Layer (DAL), crucial for scaling Tezos' Smart #Rollups to potentially support millions of transactions per second (#TPS ) in the future. This scalability milestone underscores Tezos' commitment to advancing blockchain technology and enhancing its ecosystem's capabilities.

Source - crypto-news-flash.com

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