Tezos (XTZ) Price Movement Indicates Looming Price Drop

Tezos seems to be heading south. As of this writing, XTZ trades at $1.61 following a 3.10% boost in price seen overnight. XTZ’s relative strength index and volume have declined and isn’t showing any signs of bullish movement. As of press time, XTZ movement ceases to be dubbed as an impulse wave. This means that Tezos is now moving towards a back slide. Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red Tezos Hints At Bearish Movement The bearish streak has been obvious in Tezos price last week with early signs that the coin’s price will have the tendency to break through the ascending trendline. Tezos breaches the support line on July 26. Currently, the price reveals an intra-hour upturn following increased trading activity. XTZ volume is still relative low plus the RSI isn’t giving away any bullish hints. Meanwhile, the bearish thesis will only be dismissed once XTZ price breaches the above $1.61. So, if the bulls’ impetus forcibly pushes the Tezos price over this zone, then that’s the only time the price can shoot to a high of $1.65; which is roughly a 7% jump from its current price. To date, XTZ is trading around $1.60 following a 3.10% pump in price seen overnight. Even though XTZ price has soared today, Tezos has still declined by 10.75% in the past few days. Current CoinMarketCap data reveals that XTZ remains to be the 37th largest cryptocurrency in terms of market capitalization or just ...