- XTZ coin price has faced rejection near the $2.9 mark, with the resistance trendline suggesting a further downfall.
- The coin price trades below the 200 EMA with a declining possibility of a bullish crossover of 50 and 100 EMA due to price reversal.
- The XTZ/BTC pair trades at 0.00007963 BTC with an intraday gain of 0.87%
XTZ token price fell after facing a short supply resulting in a sharp sell-off, forecasting the lower trend in coin price. The volumes are below the 20 MA but enough to project the increase in selling pressure.
The coin price may find support from the $2.35 mark, halting the trend to reach the $1.6 mark. However, the overall sloping market may help the bears to break the $2.35 mark.
The coin price is trading below the 200 EMA, and the recent price jump may be considered a retest of the death cross. The possibility of a bullish crossover of 50 and 100 EMA has been lowered due to the price reversal.
Presently, the XTZ Token price is trading at $2.79, with an intraday fall of 4.42% in the market cap within 24 hours. In addition, the coin price has observed a sudden rise of 3.45% in the intraday trading volume, projecting the increase in selling volume.
The XTZ Token Price Fails To End The Downtrend, 50 EMA Soon To Break
XTZ token price fails to rise above the descending trendline and breaks below the 100 EMA after finding supply near the $2.9 mark. The coin price struggles near the 50 EMA and may soon break it to head lower.
The alignment of the EMAs is still bearish, influencing the rise in underlying bearish sentiments. As a result, the coin price may even head lower to the $1.6 mark if the $2.35 level fails to provide support.
The relative strength indicator (Bearish) indicates bearish momentum as the RSI line is sloping down after reversing from the overbought zone and is now heading lower to the oversold zone.
The ADX indicates a slowly rising trend momentum as the downfall initiates.
Conclusion – XTZ Token price represents an increase in underlying bearish momentum due to the bearish alignment of the EMAs and the price reversal from the $2.9 mark.
Support – $2.35 and $1.6
Resistance – $2.9