Corrections seemed to be the norm across the board, at the time of writing, after most of the markets altcoins depreciated on the charts as Bitcoin consolidated its own position. While the likes of Tezos, IOTA, and Crypto.com Coin did climb on the back of Bitcoins movement, these alts were soon on their way down as the correction wave took over. That being said, it was too soon to suggest that any of these cryptocurrencies were on a downtrend, at the time of writing.
Tezos, the crypto ranked 17th on CoinMarketCaps charts at the time of writing, has noted significant losses on its price charts over the past two months. In fact, since XTZ surged to an all-time high in mid-August, the cryptocurrency has lost over 50% of its value. XTZs aforementioned losses were punctuated by the sharp downtrend the cryptocurrency has been on since it hit its ATH on 13 August.
Over the past week, while Tezos did climb by a significant 14% on the charts, corrections soon pulled down the value of the cryptocurrency by over 8%. Despite such corrections, however, Tezos was still noting YTD returns of 61%, at the time of writing.
XTZs technical indicators highlighted a certain degree of bullishness in the market, despite the recent depreciation in value. While the Parabolic SARs dotted markers were well under the price candles, the MACD line was over the Signal line on the charts. It should be noted, however, that the latter was closing in on a bearish crossover, and a trend reversal might be in the works soon.
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