Tezos Price Forecast: XTZ Price Soars to Record Highs Shrinking the Gap to $10 Ahead of System Upgrade
- Tezos rallies past $8 for the first time in history, while bulls gaze at $10.
- The short-term technical outlook remains upbeat despite overbought conditions.
- Tezos will launch the new Florence system upgrade in the coming days.
Tezos pushed the throttle forward as it prepared for takeoff on cracking the former stubborn resistance at $6. The roll down the ‘runway’ yielded as the liftoff to $8 came into the picture. A new all-time high has been traded at $8.4, but bulls seem relentless in the battle for gains beyond $10.
Tezos hunts for higher support to secure the uptrend
At the time of writing, Tezos trades at $7.8 following a minor retreat from the record high. Support at $7 has been confirmed, explaining the rebound toward $8. A break above this level is required to prove to investors that the uptrend to $10 is intact. As long as speculation is high, the least resistance path will remain north.
XTZ/USD four-hour chart
Despite the majestic upswing, technical levels show that the uptrend may last longer. The Relative Strength Index (RSI) on the four-hour chart has crossed into the overbought region. Intriguingly, the trend strength indicator still points upward, suggesting that the bullish grip is tight.
Similarly, the recovery above $8 has been affirmed by the Moving Average Convergence Divergence (MACD) indicator. After a period of consolidation experienced in the last week of April and the first few days of May, the MACD line (blue) made a confirmed break above the signal line.
The indicator also moved to a higher level above the mean line, calling more buyers into the market. It seems bulls will not rest until Tezos clears the resistance at $8 and extends the up leg to $10.
Tezos spikes amid the countdown to system upgrade
The impressive breakout can be attributed to the soon-to-launch upgrade dubbed Florence. This will be Tezos’ sixth-biggest system upgrade and focuses on implementing new bug fixes in addition to improving features such as gas optimization, operation size, and deep gast execution order. The upgrade will also eliminate the test chain activation.