Tezos (XTZ) Price is Approaching the Oversold Region: What Next?

Tezos is one of the unique blockchains in the cryptocurrency space. Its native token XTZ is presently trading at $1.81. Tezos is ranked in number 40th position in the CoinMarketCap ranking of cryptocurrencies in terms of their market capitalization. Although Tezos blockchain supports the deployment of smart contracts and is open source, it does not support splitting into hard forks. This is one factor that makes it different from the Ethereum and Bitcoin blockchains. At present, Tezos (XTZ) is approaching the oversold region as it has a relative strength index (RSI) value of 32.2. A relative Strength Index value between 0 and 30 means that the asset is in the undervalued or oversold region. Tezos is already approaching this region. The following are possible at this stage: Buyers have been on alert to see it touch a 30 RSI value Once the relative strength index value of Tezos native token XTZ touches 30, more buyers might enter the market. This is because this value shows that buying XTZ at the present price or a price range between $1.74 and $1.80 is still good. This could reverse the present trend of XTZ where it has lost over 44.5%, 41.3%, and 56.5% in the past 30 days, 60 days, and 90 days respectively. The price could surge past $2 since the trading volume that is down by over 100% in the past 90 days after it moved from $131 million on Feb 17th to $61.5 million on May 16th will be increased. Sellers involved in the panic...