XTZ Technical Analysis: Buyers Attempt To Withhold $2.89 Level

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. Source-Tradingview 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 nuts...