Tezos [XTZ] holders can expect price drawback this week, here’s why

XTZ’s price has rallied by 61% since the year began. Daily chart readings, however, revealed that a price correction might be imminent. According to data from the cryptocurrency price tracking platform CoinMarketcap, Tezos native coin XTZ ranked as one of the best-performing crypto assets in the last 24 hours. Exchanging hands at $1.17, the altcoin’s […]

Daily chart readings, however, revealed that a price correction might be imminent., Tezos native coin XTZ ranked as one of the best-performing crypto assets in the last 24 hours.

While bullish sentiment lingers in the market at press time, a closer assessment of XTZ’s performance on a daily chart revealed that a price drop might take place in the coming week.The widespread growth in the general cryptocurrency market caused XTZ’s price to spike by 61% since 1 January. Investors who sought to quickly make profits began acquiring coins, causing key indicators like the Relative Strength Index and the Money Flow Index to reach overbought highs.

A rallying price coupled with a declining CMF means that the concerned asset’s buying pressure is not as strong as the price increase would suggest.

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