Technical Analysis for XTZUSD for 11th March 2022
Tezos' Gains Clipped, XTZ inside a Descending Triangle above $2.8
Past Performance of Tezos
Tezos remains under pressure as per the XTZ candlestick arrangement in the daily chart. Although there are flashes of strength, bears have the upper hand provided XTZ is below $3.5 and inside the descending triangle. XTZ has immediate support at around $3, finding strength from a series of encouraging higher highs of the past two months.
Tezos Technical Analysis
Tezos prices remain bearish at spot rates despite the much-needed revival of the mid-this week. Presently, bears have forced Tezos prices lower below $3.6 and $3.2. Even so, a confirmation of the March 9 bull bar, pushing prices above $3.2, may provide an opportunity for optimistic traders to buy on dips, targeting $3.6 as Tezos bottoms up. On the flip side, a dump below $2.8 may draw in more sellers, forcing the coin below the multi-month support level as Tezos drops to new 2022 lows.
What to Expect of Tezos
There are elements of unconfirmed strength in Tezos' price action. Nonetheless, sellers remain in charge until there is a sharp confirmation above the immediate resistance level and the descending triangle.
Resistance level to watch: $3.2
Support level to watch: $2.8
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