Over $650k worth of Tezos (XTZ) has just been moved to Binance.
With XTZ prices shaky after a near perpendicular rise, this move, as per Twitter commentators, is a strong sell signal.
Tezos XTZ moved to Binance
Tezos Stellar Performance
It must be noted that XTZ performance has been stellar in the last two months.
Perched at 10th in the market cap leaderboard, holders are deep in green despite dismal performance as prices consolidate in the last trading week.
From coin trackers, XTZ is up 6X in the last year and 115% in the past 30 days. At this rate, the coin, buoyed by solid fundamentals, is one of the best performers, out-ranking Bitcoin and leading crypto assets in the same time frames.
In its journey and lift-off to 10th, Tezos flippened the likes of Cardano and ChainLink. These two projects have more followers and a solid community.
Notably, Cardano, for its ambition and foundations routed in peer research, recently laid the groundwork for Shelly Phase.
Shelly ensures complete decentralization, a feature that though on paper is hardly achieved in practice.
XTZ Technical Candlesticks Point to Weakness
Tezos XTZ Weekly chart for Feb 24
From the candlestick arrangement, XTZ is trading at near all-times high as visible from the weekly chart.
Although proponents are positive that the coin will soon soar to highs of $5 and even $10 as more projects launch on the smart contracting platform, candlestick arrangement reveal an overvaluation. Notably, last week’s candlestick is well above the upper Bollinger Band.