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The recent drop in the price of Bitcoin did not have much of an impact on the Tezos market, as the cryptocurrency was already on a southward trajectory. The value of the cryptoasset has been crumbling since mid-August, and it hasn't noticed a trend change since then. XTZ's downslope price has been making lows every day, with the same content within a downslope channel on the charts. The aforementioned descending channel depicted on the daily chart underscored the sell-offs that had taken place since mid-August in the XTZ market. While the price did notice some sideways movement for a few days, the trend has remained largely bearish. The XTZ price drop tested the support at $ 1.89 and rallied but was unable to move higher and was consolidating between $ 1.89 and $ 2.38. Bollinger Bands highlighted that volatility in the market had decreased as the bands converged on the charts. Also, the signal line remained above the candles, as it has been since the coin started trending down on the charts. When XTZ tested its support level, it briefly entered the oversold zone. This was visible in the Relative Strength Index when the signal line slid below 30. Although the signal line had rebounded and was at 35, at press time it remained close to the oversold zone. The price of XTZ had moved enormously in recent months, and it marked its annual high of $ 4.56, after which it moved lower. The Fibonacci Retracement Tool identified support for the coin at $ 1.81, in the given period, while the next resistance level for XTZ was higher at $ 2.57, due to the price collapse. The price of XTZ has not stagnated between these levels in the past. Ergo, we can witness a change in the price level in the long term.