XTZ Technical Analysis: Back at $3.5, Buyers Fail To Sustain Uptrend

XTZ coin price action retests the $3.5 support level due to the immense selling at the $4 mark. Will sellers retain control to reach $3? Key technical points: XTZ prices have decreased by 6.57% in the past 24 hours. In addition, the price action shows lower price rejection from the 50-day EMA. Finally, the 24-hour trading volume of Tezos is $116 Million, marking a negligible fall. Past Performance of XTZ XTZ coin price showcased a boom in buying pressure near the $3 mark resulting in an uptrend to $4 and the breakout of multiple resistance levels and EMAs. However, the uptrend failed to surpass the resistance confluence of the 200-day EMA and the $4 mark. Source-Tradingview XTZ Technical Analysis XTZ coin price has fallen by almost 10% in the last 72 hours resulting in multiple bearish candles and a high possibility of three black crows pattern completion. Upon completion, the selling pressure could surge, resulting in downfall to the $3.5 mark. As the XTZ prices fail to surpass the 200-day EMA, the downfall breaks the 100-day EMA but lower price rejection from the 50-day EMA. Therefore, the EMAs maintain the bearish alignment and fail to provide support. RSI Indicator: The RSI slope reflects a surge in bearish sentiment as it breaks below the 14-day SMA after the rejection faced near the 70% overbought boundary. Hence, the possibility of a downtrend reaching the $3 mark increases. MACD Indicator: The MACD and signal lines giv...