Tezos is one of the strongest performing cryptocurrencies in the past 24 hours as it broke past the top of its triangle pattern visible on the 4-hour and daily time frames. This suggests that a rally of the same height as the formation is in the works.

The 100 SMA has also crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction than to reverse. The 100 SMA is around the broken triangle resistance, so it could act as dynamic support from here.

RSI is indicating overbought conditions, though, or exhaustion among buyers. Turning lower could signal a return in selling pressure and a possible pullback to nearby areas of interest. Stochastic is also in the overbought region to indicate that buyers could use a break and might be willing to let sellers take over.

Still, it’s worth noting that the triangle spans around 0.3000 to 0.6000 so the resulting climb could last by 0.3000 or take Tezos to the 0.8000 mark next.

As it turned out, Tezos officially concluded its first round of voting for two competing system-wide upgrade proposals. This was able to raise $232 million in an initial coin offering in 2017 and has roughly $360 million in market cap.

The two proposals, Athens A and Athens B, are set to roll out system-wide upgrades or hard forks in a completely automated and self-governing manner. These intend to increase the gas limits on the Tezos blockchain to allow for larger transaction throughput. Roll sizes are also set to be decreased from 10,000 XTZ to 8,000 XTZ.

Bakers on Tezos are now in a three-week exploration period with these changes, which is the second phase before eventual activation on the live Tezos blockchain. From there, another three-week period during which the Tezos blockchain spawns a new but temporary blockchain network will follow. The last phase or promotion period will review the proposal in its entirety afterwards.

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