The Tezos price relentless rally accelerated today as demand for the coin continued to rise. The XTZ price has risen in the past three consecutive days, defying the overall weak performance in the crypto industry.
It is trading at $7.8395, which is about 285%, above the lowest level in July. This growth has pushed its total market capitalisation to more than $6.6 billion, making it the 29th biggest cryptocurrency in the world.
Tezos is a leading blockchain platform that is designed to evolve using its self-amendment features. This self-amendment is an important feature since it upgrades itself without the need for forking, which can divide the community.
The network also has some on-chain governance and smart contract features. This means that developers can use its platform to build decentralized applications like DEFI, games, and non-fungible tokens. XTZ is the native token for the ecosystem.
Data compiled by tzstats shows that demand for Tezos has been on an upward trend recently. The number of funded accounts has jumped by 100% to more than 1.557 million while the staking ratio has risen to 76.96%. Because of this, the block time has risen to 1 minute, 40 seconds while the volume in most exchanges has risen as shown below.
The daily chart shows that the Tezos price has been in a major bullish trend recently. As a result, the token is a few points below the year-to-date high of $8.3943.
The XTZ price has moved above the 25-day and 50-day moving averages while the MACD has continued its bullish momentum. The coin also seems to be forming a cup and handle pattern, which is usually a sign of a bullish continuation.
Therefore, in my view, I suspect that the bullish trend will continue as bulls target the YTD high of $8.3766. After this, the coin will have a minor pullback to form the handle section. It will then resume the bullish trend, with the next key level being at $10.