XTZ Technical Analysis: Buyers Attempt To Withhold $2.89 Level

Table of contents

  1. Past Performance of XTZ
  2. XTZ Technical Analysis 
  3. Upcoming Trend 

The descending triangle formed under the ongoing downtrend increases bearish pressure on the $2.89 support level. Will XTZ buyers withstand the pressure?

Key technical points:

XTZ prices rest at the $2.90 support level.The 50-day EMA promotes the lower high formation.The 24-hour trading volume of Tezos is $89 Million, marking a 38% rise. 

Past Performance of XTZ

On 1st March, the XTZ coin price faced rejection at the new-upcoming resistance trendline resulting in the descending triangle pattern. The $2.89 support level creates the base for the triangle pattern, and overall the triangle accounts for a downfall of 35% last month. Finally, the price fills up the triangle indicating the breakout point arrival.  

TradingView Chart


XTZ Technical Analysis 

XTZ coin price faces extreme selling pressure evident by the increase in trading volume as the altcoin faces rejection from the trendline. Thus, the chances of a bearish breakout resulting in a fall to $2.5 increases. 

After achieving the bearish alignment, the crucial EMAs (50,100, and 200) maintain a falling trend. Meanwhile, the 50-day EMA moves along the resistance trendline and provides a consistent dynamic barrier.

RSI Indicator: The RSI slope maintains a sideways trend in the nearly oversold zone under the 14-day SMA influence. MACD Indicator: The MACD and signal lines continue to move flat after merging. Therefore, the divergence will generate a more precise signal.

In a nutshell, the XTZ technical analysis projects a bearish signal as the possibility of triangle breakdown increases.

Upcoming Trend 

With the seller’s driven trendline and the highly bearish 50-day EMA, the XTZ coin price might crack the $2.89 support level and reach the next psychological support at $2.5. After that, however, an increase in trend momentum can fall to $2.11. 

Conversely, the unlikely possibility of upside breakout could account for a 15% price jump to the 50-day EMA.

Resistance Levels: $3 and $3.45

Support Levels: $2.89 and $2.5


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