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XTZ Price Analysis: Tezos Plummets Hysterically, Rectifying From the Top Level of $3.95

* The moving average 5 and 13 crossings indicate short-term bearish sentiment, while the RSI tends to range.
* Tezos corrected 32% from a local high of $ 3.94, indicating a strong pullback
* Tezos continued to hold 10th position in market capitalization

XTZ/USD Daily Chart: Bullish

XTZ/USD is currently trending at levels that have not been observed for 2 weeks. Before the last 3 days, bearish steam for correction was pushed to reduce the moving averages 5 and 13 into crossings while cutting the bullish momentum. The RSI indicator is however still floating around the oversold zone, suggesting that XTZ/USD may be undergoing a little more range shortly.

Technically, the pair is in range, and the price can reduce this by making a trend of high lower waves. Tezos did not retrace like other crypto majors. In the long run, this may be a good sign if cryptocurrencies begin to develop again.

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