Tezos reached its all-time high of $9.18 on October 04, 2021, after which the price has constantly been declining. XTZ coin forms lower lows on the daily chart and moves sideways with the current price of $2.13.
A hike can be expected if the bulls push the XTZ price upwards and the price closes above the recent high of $2.5. The price had reached the oversold zone. Higher peaks are formed, and the XTZ price may lead to an overbought zone. On May 11, there was an immense bear volume, but the price couldn’t decline below $1.5.
The XTZ price moving sideways in consolidated momentum forms indecision between the bears and the bulls. However, a closure above the important point of interest might be an occasion for the Tezos traders. The RSI being 53 currently indicates the XTZ price is in the neutral zone.
The Bollinger Bands being close to each other shows very less volatility. The price should close above the downtrend line, and an up-trending curve should be formed for a bullish momentum in the long run.
The XTZ price is currently trading at a vital support line of $2.12 and hasn’t closed above it. In the past week candles, there has been remote price movement. However, the forming weekly candle shows a surge in the Tezos price. The token is revolving at the same level from where it reached its highs in the past.