In the first months of 2020, when traders have been cherishing their hopes for the altseason, Tezos was one of the most noticeable cryptocurrency, mainly because it had increased in price by 140% and became one of the top gainers of that period. Then came March, which brought the global COVID-19 pandemic - that is when things went sour for the cryptocurrency market in general, and Tezos in particular. Since then, XTZ hasn’t been its prior self as it had apparently lost a bit of its mojo, and buyers’ trust along with it.
Nothing but ranging at the moment
It didn’t take long for XTZ to get out of an absolute bearish zone, which laid between $1.3 and $1.7, or the 0 and 0.236 levels of Fibonacci retracement. But even back then, the bulls weren’t particularly active in this market or overly keen to immediately take the price up after the crash. It was also when the 14-period RSI dipped its toes in the over-sold waters for the first time in many months.