Tezos has been caught within a firm consolidation phase against its USD trading pair in recent weeks, with the cryptocurrency being unable to garner any clear independent momentum.
That has caused its price to range between lows of $2.35 and highs of $2.65, which is around where it is currently trading at.
Bulls are attempting to break this range and catalyze further upside in the near-term, although whether or not it can push higher will likely depend mostly on the rest of the cryptocurrency market.
Bitcoin is showing some signs of strength at the moment, as the multiple defenses of its $10,000 support level have sent its price surging up to $10,500.
This could bode well for mid-sized altcoins like Tezos, as it may create a tailwind that helps lift them higher.
That being said, one analyst observed that the cryptocurrency has been showing some signs of intense weakness against its BTC trading pair.
As such, he believes that it